Undavalli’s poser: Is govt doing business in Amaravati? 

Former MP Undavalli Arun Kumar has questioned whether the State government is constructing a capital city in Amaravati or doing business there.  

Published: 12th September 2018 02:11 AM  |   Last Updated: 12th September 2018 07:05 AM   |  A+A-

By PTI

RAJAMAHENDRAVARAM : Former MP Undavalli Arun Kumar has questioned whether the State government is constructing a capital city in Amaravati or doing business there.  Addressing a press conference here on Tuesday, Undavalli wondered about the statement made by Municipal Administration Minister P Narayana in the Assembly that there was nothing wrong in raising funds through Amaravati Bonds, which offers 10.36 per cent interest. “How can he say like that? It is totally wrong,” the former MP said. “Corporations or companies can raise funds by taking loans in such a manner, but APCRDA is neither a company nor a corporation,” he pointed out. 

If the State government says that CRDA is a company or corporation, it should reveal the details and business transactions done so far. Undavalli also wanted the State government to explain the logic behind offering 10.36 per cent interest when the Government Order issued with regard to Amaravati Bonds states that the interest cannot be more than 8 per cent. 

Accusing the Chief Minister of taking loans 21 times on behalf of the State, he urged the government to reveal details of the loans taken by it so far. The former MP said to his challenge on Amaravati Bonds, AP State Planning Commission vice-chairperson C Kutumba Rao has responded on a TDP letterhead. However, nothing was revealed in the letter. “I dare Kutumba Rao again for a public debate on the issue and I believe that an intelligent person and expert like him will speak the truth without toeing the TDP line,” he said. 

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