LexThe Tripura Infrastructure Investment Fund Act,2018
Tripura · state statute
Open in Lexace · Ask the AI about this actNo. 426 Registered No. N. E. 930.
TRIPURA GAZETTE
Published by Authority
EXTRAORDINARY ISSUE
Agartala, Tuesday, July 24, 2018 A. D., Sravana 2, 1940 S. E.
PART--III-- Acts of Tripura Legislature
GOVERNMENT OF TRIPURA
LAW DEPARTMENT
SECRETARIAT : AGARTALA
No. F.8(5)-Law/Leg-I/2018/_______ Dated, Agartala, the 24th July, 2018.
NOTIFICATION
The following Act of the Tripura Legislative Assembly received the assent of the
Governor of Tripura on the 21st July, 2018 and is hereby published for General
information.
D.M. Jamatia
L.R. & Secretary, Law
Government of Tripura
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
2
TRIPURA ACT NO. 6 OF 2018
THE TRIPURA INFRASTRUCTURE INVESTMENT FUND
ACT, 2018.
AN
ACT
To provide for the constitution of a fund for investments in the infrastructure
projects in the State and for matters connected therewith or incidental thereto.
WHEREAS, it is expedient to co nstitute a fund for investments in the
infrastructure projects in the State and for matters connected therewith or incidental
thereto.
BE it enacted by the Legislative Assembly of Tripura in the sixty -eighth year of
the Republic of India as follows:-
1. Short title and commencement:
(a) This Act may be called ‘The Tripura Infrastructure Investment Fund Act, 2018’;
(b) It shall come into force on the date of its publication in the Tripura Gazette.
2. Definitions:
In this Act, unless the context otherwise requires —
a) 'Board' means the Tripura Infrastructure Investmen t Fund Board constituted
under Section 5;
b) ‘Concessionaire’ means the private sector participant which has entered into a
public-private partnership;
c) ‘Concession agreeme nt’ means an agreement entered into between a public
agency and a private sector participant for and in respect of a public -private
partnership;
d) ‘Detailed project study ’ means a detailed study of the project made after the
preliminary decision for investme nt, in order to ascertain the capital cost,
technological parameters, description of the technology to be used, technical
specifications, plan schedule to assist the financial investment, plan for
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
3
implementation of the project and such other information as may be specified in
the Scheme;
e) ‘Executive Committee’ means the Committee constituted under Section 10;
f) ‘Feasibility study ’ means a preliminary study to assess the technical and
financial viability and to assess the social and environmental impact of a
project for making a decision for investment which shall include the demand
for services, appropriate technology to be adopted, capital cost, time
required for implementation and such other information as may be specified
in the Scheme.
g) 'Financial assistance' means the types of assistance specified in the Scheme;
h) 'Fund' means the Tripura Infrastructure Inve stment Fund, established under
Section 3 and the scheme;
i) 'Fund Manager' means the Fund Manager of the Board;
j) 'Government' means the Government of Tripura;
k) ‘Government Company’ means any company in which not less than fifty one
per cent of the paid -up share capital is held by the Government or Central
Government or other State Governments and includes a company which is a
subsidiary of any Government Company;
l) ‘Infrastructure’ means the assets or services in any one or more of the
sectors specified in the Second Schedule;
m) 'Infrastructure projects' includes projects in the sectors specified in the
Second Schedule and multipurpose projects comprising of one or mo re of
the sectors specified therein;
n) 'Local Self Government Institution' means a Panchayat at any level
constituted under the Tripura Panchayat Raj Act, 1993 (The Tripura Act No.
7 of 1993), or a Municipality constituted under the Tripura Municipal Act,
1994 (The Tripura Act No. 7 of 1994);
o) 'Other undertakings' means Public Companies established in the State under
the Companies Act, 2013 (Central Act 18 of 2013) in joint sector, where the
investment of the Government is not less than twenty six per cent of the
total paid up share capital, or societies established under the Tripura State
Co-operative Societies Act, 1974 (The Tripura Act No -8 of 1974) and where
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
4
Government, Local Self Government Institutions or any Public Sector Under
taking, as the case may be, have not less than twenty six percent of interest
in its assets, ownership and management;
p) 'Public Sector Undertakings' means any Government Company established in
the State under the Companies Act, 2013 (Central Act 1 8 of 2013) or a Co -
operative Society registered or deemed to have been registered under the
Tripura State Co -operative Societies Act, 1974 (The Tripura Act No -8 of
1974) where the Government holds not less than fifty one per cent of the
share capital, and substantial control over its managem ent and includes
public undertakings established under a statute;
q) ‘Private sector participant’ means any person or entity other than a public
agency or the Central Government or a public sector undertaking of the
Central Government;
r) ‘Project’ means an Infrastructure Project and includes both physical and
social Infrastructure Projects;
Explanations-For the purpose of this clause ‘physical infrastructure projects’
means projects primarily intended for c reation of tangible assets and ‘social
infrastructure projects’ means intangible social assets such as schools, social
services etc.
s) ‘Public-private partnership’ means an arrangement between a public agency
and a private sector participant for providing infrastructure which includes
investment, design, developm ent, construction, maintenance or operation
undertaken by the private sector participant, wherein risks are allocated
between them such that the private sector participant takes the risks beyond
the stage of design, construction and the payment for the ser vices are
performance linked, in the form of user charges, annuities or unitary
payment;
t) ‘Public agency’ means any department of the Government or the Central
Government or other State Governments or public sector undertaking,
Government Company, statutory board formed by the Government or the
Central Government or other State Governments, Local Self Government
Institutions, co-operative institution, university, any society or trust formed,
owned or controlled by the Government or the Central Government or other
State Governments;
u) 'Schedule' means the Schedule to this Act;
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
5
v) 'Scheme' means the scheme framed under this Act;
w) ‘Special Purpose Vehicle’ means the Public Agency, Public Sector
Undertaking or Public-Private Partnership formed for executing any work
financed by the Board;
x) ‘Sponsoring agency’ means the public agency designated by the Board to
implement a project through public-private partnership;
y) 'State' means the State of Tripura;
z) ‘State support’ means the support extended by the Government to a
concessionaire, which may include,-
i. subsidy or capital grant not exceeding such proportion of the cost of
the project, as may be specified in the scheme;
ii. equity;
iii. loans;
iv. guarantee by the Government;
v. opening and operation of escrow account:
vi. conferment of right to develop any land;
vii. incentives in the form of exemption from the payment of, or deferred
payment of, any tax or fees levied under any law or such other
incentives, as may be specified, in the Scheme.
aa) 'Undertakings' means public sector undertakings or other undertakings;
bb) ‘User levy’ means user charge or fee or any other amount, by whatever
name be called, payable by the user of an infrastructure facility.
cc) 'Year' means the financial year;
3. Tripura Infrastructure Investment Fund Scheme.
(a) The Government may, by notification in the Gazette, frame a scheme to be
called the ‘Tripura Infrastructure Investment Fund Scheme' for the
establishment of a fund under this Act for investments in the infrastructure
projects of the State and there shall be established, as soon as may be after
the framing of the scheme, a fund in accordance with the provisions of this
Act and the scheme.
i. the fund corpus shall comprise of the net total of the amounts
specified in sub-section (b) hereunder:
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
6
(b) There shall be credited to the fund,—
i. The amounts released to the Board from the budget allocation under
section 15;
ii. the amount borrowed by the Board under section 16;
iii. grants or loans or advances made by any institution;
iv. any amount raised by the Board from other sources to augment the
resources of the Board;
v. any other amount which, under the provisions of the scheme, shall be
credited to the fund.
(c) The fund shall vest in, and be administered by the Board constituted under
section 5 in such manner as may be specified in the scheme.
(d) The fund may be utilized for all or any of the following purposes, namely:
i. to finance or leverage investments in infrastructure projects in the
State;
ii. to provide financial assistance to public sector under takings and
other undertakings for their investments in infrastructure projects;
iii. to redeem the bonds or debentures or any other financial instrument
used to raise resources for the Fund and to repay the loans availed
from co-operative banks, other commercial banks and any institution
to implement the infrastructure project.
iv. to finance or leverage investments and financial instruments relating
to land acquisitions for infrastructure projects and other Government
purposes;
v. to provide funding for projects that face significant funding barriers
because of the need to combine re sources across multiple sectors or
parts thereof:
vi. to provide direct loans advances and loan guarantees to eligible
projects, programmes of any legal entity or instrumentality including
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
7
public or other undertaking for their investments in infrastructure
projects identified by the State;
vii. for implementation of and other purpose specified in the scheme.
(e) All moneys specified in sub -section ( b) other than money contributed by
Government under section 15, shall be deposited with the approval of the
Board in a Nationalized Bank or in such other prudent investment:
Provided that any portion of the money contributed by the Government
under section 15 may be deposited or invested in any Nationalized Bank or
in sovereign bonds of the Union or States or in such other pru dent
investment other than in the State Treasury.
Explanations-For the purpose of this sub -section, ‘prudent investment’ shall
mean those investments which carry the highest rating from the appropriate
regulatory body or credit rating agency for that class of investment:
(f) Subject to the provisions of this Act, the scheme framed under sub -section
(a) may provide for all or any of the mat ters specified in sub-section (d) and
in the First Schedule.
(g) The accounts of the Board shall be operated by the Fund Manager:
Provided that the Board may delegate the powers for operation of accounts
to one or more officers of the Board and may set appropriate fi nancial limits
as it deems fit.
(h) The scheme shall be laid, as soon as may be, after it is framed, before the
Legislative Assembly while it is in session for a total period of fourteen days
which may be in one session or in two successive sessions, and if before the
expiry of the session in which it is so laid or the session immediately
following, the Legislative Assembly makes any modification in the scheme,
the scheme shall thereafter have effect only in such modified form, so
however that any such modification shall be without prejudice to the validity
of anything previously done under the scheme.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
8
(i) The Government shall l ay before the State Legislative Assembly along with
the presentation of the Annual budget the following documents,-
(a) a statement of the sources and application of the funds of the Board;
(b) a certificate from the Fund Trustee and Advisory Commission to the
effect that the funds of the Board have been deployed for the
purposes intended and that surplus funds have been managed as laid
down under the provisions of this Act.
4. Eligible projects.
(a) Projects eligible for financial assistance from the Fun d shall be the
projects referred to the Board by the Government and approved by the
Board.
(b) Eligible projects shall be of a value exceeding Rs. 10,00,00,000 (Rupees Ten
Crore) implemented by a public agency:
Provided that for the purpose of assessing th e value, projects less than
Rupees Ten Crore may be grouped into tranches, each of which has to
satisfy the stipulation on the value specified in sub-section (b):
Provided further that the Government may, by general or special order,
apply the provisions of this Act to any public-private partnership project:
Provided also that it shall not apply to any project undertaken by the Central
Government or any public undertaking of the Central Government
independently, except as a joint venture with the State Government.
Explanations-For the purpose of this sub -section, in the case of a public-
private partnership project, ‘project value' means, where the private sector
participant is, -
(i) required to make capital investment, the value of the asset or facility
to be c reated including cost of land, if the cost of land is to be borne
by the private sector participant; or
(ii) not required to make capital investment, the current replacement
value of the asset or facility, excluding land, whose operation and
maintenance shall b e the responsibility of the private sector
participant.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
9
5. Constitution of Board.
(a) The Government may, by notification in the Gazette, constitute with effect
from such date as may be specified therein, a Board to be called "the
Tripura Infrastructure Investmen t Fund Board" for the administration of
the fund and to supervise or carry out the activities financed from the
fund.
(b) The Board shall be a body corporate by the name aforesaid, having
perpetual succession and a common seal and shall by the said name sue or
be sued.
(c) The headquarters of the Board shall be Agartala;
(d) The Board shall consist of the following members, namely:
i. The Chief Minister -- Chairperson
ii. The Minister for Finance -- Vice-Chairperson
iii. The Vice-Chairman, State Planning Board -- Member
iv. The Chief Secretary -- Member
v. The Secretary (Law) -- Member
vi. The Secretary (Finance) -- Member
vii. Seven independent members who are experts,
who have worked in an institution of national
repute in one or more of the areas of Finance,
Banking, Economics
--
Members
viii. The Chief Executive Officer -- Member Secretary
Explanation:-For the purposes of the provisions of this Act the term ‘Secretary’
shall denote Additional Chief Secretary, Principal Secretary, Secretary or Special
Secretary to Government, as the case may be;
(e) The Board may, at the discretion, of the Chairperson seek the participation
of any other Minister or Secretary of any Department whose project is
under consideration of the Board for financing:
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
10
6. Term of office of members.
(a) A member appointed under clause ( vii) of sub-section (d) of section 5 shall
hold office during the pleasure of the Government;
(b) Any member appointed under clause ( vii) of sub -section ( d) of section 5
may resign from his membership by giving prior notice in writing to the
Government but shall, continue in office until his resignation is accepted by
the Government.
7. Meetings of the Board.
(a) The Board shall meet at such time and place and shall observe such rules of
procedure in regard to t ransaction of business at its meetings, as may be
specified in the Scheme.
(b) The Chairperson shall preside over the meetings of the Board. When the
Chairperson of the Board is absent, the Vice -Chairperson shall preside over
the meetings. The Chief Execut ive Officer shall be the Convener of the
Board meetings.
(c) Agenda of a meeting of the Board shall be decided by a majority of two -
third of the votes of the members present and voting and in case of any
equality of votes, the person presiding shall have a second or casting vote.
(d) The quorum for a meeting shall be eight and at least one independent
member shall attend the meeting.
(e) All investment decisions taken in the Board meetings in the absence of the
Chairperson shall be ratified by the Chairperson before implementation.
(f) The members of the Board may, with the permission of the Chairperson,
attend the meetings of the Board through video conferencing.
(g) No act or proceedings of the Board shall be invalid by reason only of the
existence of any vacancy amongst its members or any defect in the
constitution thereof.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
11
8. Functions of the Board.
Subject to the provisions of this Act, the Board shall have the following
functions, namely: —
(a) approve the selection of eligible projects for financial assistance through the
Fund;
(b) authorize the mobilization of resources for augmentation, maintenance and
utilization of the Fund;
(c) approve the public agency which shall implement a project through public
sector mode or through a Public-Private Partnership;
(d) co-ordinate the efforts of the Government, any public agency and
sponsoring agencies in matters regarding the development of the
infrastructure in the State including Public-Private Partnership projects;
(e) identify sources of financing, and approve suitable modes of raising
resources;
(f) identify bottlenecks in the Projects and recommend policy initiatives to
rectify the same;
(g) formulate and recommend policies related to eligible projects so as to
ensure that project risks are identified and allocated between the
stakeholders;
(h) perform such other functions as may be entrusted to it by the Government.
9. General Power of the Board.
The Board shall, for the purpose of carrying out its functions under this Act,
have the following powers, namely:-
(a) to call upon any public agency or concessionaire or any person to furnish
information in regard to any project;
(b) to inspect or cause to inspect and monitor any Project and its execution,
operation and management;
(c) to regulate its own procedures;
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
12
(d) to approve proposal and instruments to mobilize and deploy resources of
the Fund;
(e) to sanction financial assistance based on eligibility norms as per the
Scheme:
(f) to approve the Investment Prospectus, operational guidelines and oversight
mechanism;
(g) to recover the amounts due to the Board from the assisted projects, project
authority, undertakings, public agency and concessionaire as per the
recovery schedule;
(h) to modify, revise or reschedule the recoveries as may be considered
appropriate;
(i) to opt for reven ue recovery proceedings, if found necessary and
appropriate, against any of the assisted project, project authority,
undertakings, public agency and/or concessionaire in the interest of the
Board;
(j) to disburse all expenses relating to the administratio n of the Fund including
travel, interest on borrowings, fees, professional charges and other
expenses;
(k) to invest any surplus fund of the Board, as may be available from time to
time, in such manner as may be specified in the Act and in the Scheme and
also to realize the returns due from such investments;
(l) to review on a periodic basis the performance of any assisted project, project
authority, undertakings, public agency and/or concessionaire receiving any
assistance or loan from the Fund;
(m) to ent er into Memorandum of Understanding or performance contract with
any assisted project, project authority, undertakings, public agency and/or
concessionaire under the purview of this Act, on behalf of the Government;
(n) to enter into contracts on behalf of the Board;
(o) to exercise such powers and functions as may be specified in the Scheme;
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
13
(p) to exercise such powers and perform such functions as may be conferred on
or entrusted to it by the Government for carrying out the purposes of this
Act;
(q) to do all acts necessary for and incidental to the carrying out of the function
entrusted or delegated to it;
(r) to certify reports submitted to the State Legislature;
(s) to certify other publications of the Fund including investment prospectus
and tender documents.
10. Executive Committee:
(a) There shall be an Executive Committee which shall exercise such powers
and perform such functions as may be delegated to it by the Board;
(b) The Executive Committee shall consist of the following members, namely:-
(i) The Minister for Finance : Chairperson
(ii) The Chief Secretary : Member
(iii) The Secretary (Law) : Member
(iv) The Secretary (Finance) : Member
(v) Three independent members of the Board,
to be nominated by the Government : Members
(vi) The Chief Executive Officer : Member
(c) The Secretary to Government of the administrative department in
Government concerned with the project proposal placed before the Board for
consideration shall be a special invitee to the meetings of the Executive
Committee.
(d) The decision making shall be by a majority of not less than two-thirds of the
members present and voting.
(e) The quorum for a meeting shall be five.
(f) The members of the Executive Committee may, with the permission of the
Chairperson, attend the meeting through videoconferencing.
(g) The Chief Executive Officer shall be the Secretary of the Executive
Committee.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
14
11. Fund Trustee and Advisory Commission (FTAC).
(a) The Board shall by general order, constitute with effect from such date as
may be specified therein, a Commission to be called the “Fund Trustee and
Advisory Commission.
(b) The Commission shall comprise of not less than three and not more than
five members including a Chairperson.
(c) The term of office of the Commission shall be for a period of two years.
(e) The members shall hold office at their pleasure and shall not be removed by
Government or the Board except on grounds of conviction on any criminal
charges involving moral turpitude or corruption by a court of law.
(f) The members shall be experts with proven experience at the national or
international levels in any of the fields of banking, financial regulation,
financial markets, administration or economics.
(g) The Board shall nominate one of the members as the Chairperson of the
Commission.
(h) The members of the Fund Trustee and Advisory Commission may, with the
permission of the Chairperson, attend the meeting through video
conferencing.
(i) The Commission shall meet once before September and February of each
financial year and as many times, as it deems fit, for carrying out its
functions.
(j) The Chief Executive Officer shall be the Secretary to the Commission.
12. Functions of Fund Trustee and Advisory Commission.
(a)The Commission shall act as the trustee of the fu nd and help to ensure that
all investments of the fund serve the purpose and intent of the Act and that
there is no diversion of funds of the Board.
(b) The Commission shall with the approval of the majority of members issue
“Fidelity Certificate” every six months certifying that the application of funds
and the investment of surplus funds are in conformity with the Act and
Scheme.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
15
13. Powers of Fund Trustee and Advisory Commission.
The Fund Trustee and Advisory Commission shall have the following powers,
namely:-
(a) to call for periodical reports from the Board;
(b) to call for any documents in possession of Board necessary for the discharge
of its functions under this Act;
(c) to supervise the implementation of the conditions regarding creation of the
securities by the Board for the purpose of raising funds;
(d) to carry out such acts, as are necessary, for the protection of interest of the
holders of the securities issued by Board;
(e) to do all things necessary to resolve the grievances of the holders of the
securities issued by the Board;
(f) to ascertain that the funds necessary to discharge the interest and principal
amount payable in respect of the securities is available with the Board as
stipulated under this Act:
(g) to ascertain that the funds so available with the Board are deployed in
prudential investments;
(h) to direct the Chief Executive Officer to convene meetings of the Fund
Trustee and Advisory Commission as many times, as it deems appropriate, in
addition to the two meetings specified in sub-section (i) of section 11:
Provided that the Chairperson shall issue such directions either on his own or
at the request of at least two members.
14. Project identification, prioritization and implementation.
(a) On identifying or conceptualizing a pro ject to be developed, managed and
operated in the State, the Board, on its own accord or based on a study or
survey caused to be conducted or based on inputs received from a third
party, may seek the views of the public agency concerned thereon:
Provided t hat if the public agency does not furnish its views with in thirty
days from the date of receipt of the said communication from the Board, it
shall be deemed that the public agency has no view to offer.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
16
(b) Any Government Department may also identify or conceptualize a project to
be developed, managed and operated in the State and send the proposal
thereafter to the Board for its recommendation. The Board shall scrutinize,
evaluate and where more than one such proposal is received, prioritize the
same.
(c) The Board, on receipt of the views of the public agency under sub-section
(a) or proposal from any Government Department under sub-section ( b),
shall examine the project proposal with reference to the cost benefit analysis
of the project including the soci o-economic ‘cost benefit and shall appraise
the project proposal with sufficient details;
(d) Where the public agency or the Government Department has proposed a
project through Public -Private Partnership, the Board shall further examine
the project with reference to the following factors, namely:-
(i) the cost effectiveness of implementation through public-private
partnership with value for Money test, as may be specified in the
scheme;
(ii) the possibility of specifying project performance parameters and
measuring their outcomes;
(iii) the risk sharing with the participants;
(iv) the technological and managerial advantages due to participation;
(v) the socio -economic factors which may affect investment by the
participant;
(vi) compliance with regulatory norms.
(e) The Board, may cause a feasibility study of the proposed project and aft er
satisfying itself as to its feasibility, may recommend the same to the
Government, indicating specifically as to whether it may be implemented
through public sector mode or through public private partnership.
(f) The Board shall cause the details of projects recommended under sub -
section (e), to be published on its website and on such other websites, as
may be specified in the Scheme:
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
17
Provided that the Board may, for reason s to be recorded in writing, choose
not to publish the details of a Project.
(g) On receipt of proposal for implementation of the Project under sub-section
(e), the Government shall consider the same and communicate its decision
on the implementation of th e Project including the mode of its
implementation, to the Board.
(h) In respect of a Project decided by the Government to be implemented
through public sector mode, the Board shall designate the public agency
which shall implement that Project, give direc tion for its implementation and
monitor the progress of implementation.
(i) If the public agency does not commence the Project within three months
from the date of receipt of such direction or expresses its inability to
implement the Project, for any reaso n recorded in writing, the Board with
the approval of the Government may re -examine the Project as in sub -
section (c) and make a fresh recommendation to the Government.
(j) In respect of Project decided by the Government to be implemented through
Public-Private Partnership, the Board shall cause the sponsoring agency to
publish the details of the proposed projects in such form and in such
manner, as may be specified in the Scheme, inviting objections and
suggestions. The sponsoring agency shall, based on th e objections and
suggestions, if any, received, prepare and submit a report to the Board
within such period, as may be specified in the Scheme.
(k) The Board, on receipt of the report from the sponsoring agency under sub-
section (j), shall consider the pro ject in consultation with the administrative
department and after causing the detailed project study, if it considers
necessary, finalize the scope and structure of the Project, either in its
original form or with such modification, as it deems fit, also t aking into
account, the following aspects, namely:-
(i) whether the Project needs any public financial support, and if so,
the appropriate form of- such support;
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
18
(ii) the tender criteria or variables relevant for evaluation of the tender;
and
(iii) the appropriate conces sion agreement or a combination thereof,
from out of those listed in Third Schedule.
15. Budgetary allocation for repayment.
(a) From, time to time, Government shall make provision in the Annual Budget
to defray the expenses incurred for payment of annuity o r other repayment
obligation incurred in lieu of section 16 and to meet operational and
administrative expenses of the Board:
Provided that Government shall set apart a share of the Motor Vehicle Taxes
as contribution to the fund, reckoned on the basis o f the Motor Vehicle Taxes
collected for the previous year such share being ten per cent in the first year
and increased by ten percent each year up to fifty per cent of the Motor
Vehicle Tax in the fifth year:
Provided further that in addition, the cess levied on petroleum products shall
also be contributed to the Fund by the Government on the basis of the
amount of cess collected during the previous year.
(b) The transfer of funds required for the successive twelve months shall be
completed either in on e or more installments, before the last working day of
December of that year:
Provided that the revenue realized from any project including user levy shall
be set-off from the appropriation so made at the end of the year and only the
balance after defra ying Operational expenses need be provided as
appropriation during the year.
(c) The Government may alter due appropriation by law passed by the State
Legislature from time to time make grants, advances and loans to the fund
for the purposes of this Act, on such terms and conditions as the Government
may determine.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
19
16. Power of the Board to borrow and lend.
(a) The Board may, from time to time, with the previous sanction of the
Government and subject to such conditions as the Government may by
general or special order determine, borrow any sum required for the
purposes of this Act.
(b) For the purpose of such borrowing the Board may issue any financial
instrument including General Obligation Bonds, Revenue Obligation
Bonds or any other appropriate financial instrument s or raise funds
through any financial structures including Revenue Bonds with structured
repayment mechanism, Land Bonds and any other appropriate financial
instruments or by making arrangements with Banks, Multilateral Funding
Agencies or Institutions approved by the Government in that behalf.
(c) The Board may act as the sponsor for setting up infrastructure
investment structures, as are required for facilitating the mobilization of
resources for a project or group of projects.
Explanations-For the purpose o f this sub -section, the infrastructure
investment structures may include, but are not limited to Alternate
Investment Fund (A IF), Infrastructure Investment Trust (In VlT), Mutual
Funds and Infrastructure Development Fund (IDF).
(d) The Financial instrument s and securities issued by the Board under this
section shall be issued, transferred, dealt with or redeemed in such
manner as decided by the Board subject to the directions of the
Government.
17. Power of the Board to delegate.
The Board may delegate to the Executive Committee or the Chief Executive
Officer such powers and functions under this Act or scheme as it may consider
necessary for the efficient administration of the fund, subject to such
restrictions and conditions if any, as it may specify.
18. Guarantee by Government of loans.
(a) The Government shall guarantee the payment of the principal and interest of
any fund proposed to be raised by the Board under section 16:
Provided that the total guarantee issued by the Government under this Act
shall not exceed total Guarantee ceiling , as recommended by different
Finance Commissions and any specific direction by the Government of India
in force.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
20
19. Appointment of officers and staff.
(a) The Board may with the approval of Government, create such posts and
appoint such number of officers and staff as it considers necessary to assist
the Board in the discharge of its functions and duties under this Act.
(b) There shall be a Chief Executive Officer (CEO) for the Board who shall be
given the rank and status of a Secretary to t he Government, appointed by
the Government. The Chief Executive Officer shall be the Fund Manager of
the Board.
(c) The Chief Executive Officer shall exercise the power of supervision and
control over all the officers and staff of the Board.
(d) The method of appo intment, salary and allowances and other conditions of
service of the officers and the staff appointed under sub- section (a) shall be
such, as may be specified, by the Government from time to time.
20. Mode of recovery of money due to Board.
All sums payable by any person to the Board or recoverable by it under this Act
or the scheme and all charges or expenses incurred in connection therewith
shall, without prejudice to any other mode of recovery, be recoverable as
arrears of public revenue due on land under the provisions of the Revenue
Recovery Act for the time being in force.
21. Members of Board etc. to be public servant.
Every member of the Board Executive Committee, Fund Trustee and Advisory
Committee, the Fund Manager and staff of the Board appoint ed under sub -
section (a ) of section 1 9 shall be deemed to be public servants within the
meaning of section 21 of the Indian Penal Code (Central Act 45 of 1860).
22. Protection for acts done in good faith.
No suit or other legal proceeding shall lie against any member of the Board or
any other person in respect of anything which is done in good faith or intended
to be done in good faith under this Act or under the scheme.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
21
23. Power of Government to issue directions.
(a) Notwithstanding anything contained in this Act it shall be lawful for the
Government to issue directions to the Board in matters relating to State and
National Policies and such directions shall be binding on the Board.
(b) The Government may, after consultation with the Board, give to the Board
general directions to be followed by the Board.
(c) In the exercise of the powers and performance of its duties under this Act,
the Board shall not depart from any general direction issued under sub -
section (b) except with the previous permission of Government.
24. Accounts and Audit.
(a) The Board shall cause to be maintained such books of accounts and other
books in relation to its accounts and prepare an annual statement of
accounts and balance sheet in such form and in such manner as may be
specified in the scheme.
(b) The accounts of the Board shall be audited by such auditor in such manner
and at such time as the Government may, by general or special order, direct
and the auditor so appointed shall have such powers of requiring the
production of documents and the furnishing of information in respect of such
matters.
(c) The accounts of the Board as certified by the auditor together with the audit
report thereon shall be forwarded annually to the Government who may
issue such directions to the Board as they may deem fit and the Boa rd shall
comply with such directions.
25. Annual report and audited statement of accounts.
(a) The annual report of the Board shall be prepared under the direction of the
Board and after approval by the Board, a copy of the report shall be
submitted to Government before the end of July every year.
(b) The Government shall, as soon as the annual report is received, cause the
same together with the audited statement of accounts to be laid on the table
of the Legislative Assembly.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
22
26. Power to order inquiry.
(a) The Government may, at any time appoint any person to inquire into the
working of the Board and to submit a report to the Government.
(b) The Board shall give the person so appointed all facilities for the proper
conduct of the inquiry and furnish to him such documents, acco unts and
information in the possession of the Board as he may require.
27. Power to appoint an Inspection Authority.
(a) The Government may by general or special order, appoint an inspection
authority comprising of such persons as it deems fit to inspect any p rojects
and the documents , of any Special Purpose Vehicle (SPV) implementing the
same that has been financed by the Board.
(b) Such Authority shall have the powers to call for documents from any Special
Purpose Vehicle (SPV) and inspect its office, site a nd premises of the
projects implemented by it.
28. Dissolution of the Board.
(a) If the Government for any reason are of opinion that it is not necessary to
continue the Board they may, by notification in the Gazette, dissolve the
Board from such date as may be specified therein.
(b) Upon the publication of a notification under sub -section (a) dissolving the
Board,
(i) the Chairman and all the other Members of the Board shall, as from the
date of dissolution, vacate their offices as such;
(ii) all the powers and fu nctions which may, by or under the provisions of
this Act be exercised and performed by or on behalf of the Board and
the Chairman shall, as from the date of dissolution, be exercised and
performed by the Government or such authority or person as they may
appoint in this behalf.
(iii) all funds and other property vested in the Board shall vest in the
Government; and
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
23
(iv) all liabilities legally subsisting and enforceable against the Board shall
be enforceable against the Government to the extent of the f unds and
properties vested in them.
(c) Nothing in this section shall affect the liability of the Government in respect
of bonds or debentures guaranteed by the Government.
29. Bar of jurisdiction of civil Courts.
No Civil Court shall have jurisdiction to settle, decide or deal with any question
or to determine any matter which is by or under this Act or scheme required to
be settled, decided or dealt with or to be determined by the Government or the
Board or any officer authorized by the Government or the Board.
30. Removal of difficulties.
(a) If any difficulty arises in giving effect to the provisions of this Act, the
Government may, by order, published in the Official Gazette, make such
order, not inconsistent with this provision of the Act, which appears to be
necessary for the purpose of removing the difficulty.
Provides that no such order shall be made after the expiry of a pe riod of 2
(two) years from the date of commencement of this Act;
(b) Every order made under sub -section (a ) shall be laid before the State
Legislature.
31. Modification of the Scheme.
(a) The Government may, by notification in the Gazette, add to, amend or vary
the scheme either prospectively or retrospectively;
(b) Every n otification under sub -section (a ) shall be laid, as soon as may be
after it is issued, b efore the Legislative Assembly while it is in session for a
total period of fourteen days which may be in one session or in two
successive sessions, and if, before the expiry of the session in which it is so
laid or the session immediately following, the L egislative Assembly agrees in
making any modification in the notification or decides that the notification
should not be issued, the notification, shall thereafter have effect only in
such modified form or be of no effect, as the case may be, so however th at
any such modification or annulment shall be without prejudice to the validity
of anything previously done under that notification.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
24
First Schedule
[“See Sections 2(d), 3(f), 9(k), 9(o), 14(d)(i), 14(f), 14(j)”]
Matter for which provisions may be made in the scheme
(1) Eligibility of undertakings for assistance
(2) The purposes for which the assistance may be given
(3) Modes of assistance
(4) Interest and penal charges
(5) Security for the assistance
(6) Appraisal and sanction procedure
(7) Disbursement procedure
(8) Guidelines for memorandum of understanding/performance Contract
(9) Recovery procedure
(10) Monitoring system
(11) Investment of surplus funds
(12) Board meetings, fees and allowances to members of the Board
(13) The method of keeping accounts shall be kept, the preparation of the
budget, the au dit of accounts and the submission of reports to the
Government
(14) The procedure for defraying the expenditure incurred in the
administration.
(15) Other information with respect to which a detailed study of the project
may be conducted after the decision for preliminary investment.
(16) Other information with respect to which feasibility study may be
conducted.
(17) Other powers and functions of the Board.
(18) Manner of investing surplus fund of the Board.
(19) Value for Money Test.
(20) The form and manner of publishing the details of proposed projects by
the sponsoring agency, the period in which the report shall be prepared
and submitted to the Board by the sponsoring agency in respect of the
project.
(21) Websites in which details of the project to be published.
Tripura Gazette, Extraordinary Issue, July 24, 2018 A. D.
25
Second Schedule
[See Section 2 (l)]
SECTORS
1. Agriculture Infrastructure,
2. Buildings,
3. Development of Minor Minerals,
4. Drinking and Industrial Water supply systems, Desalination Plants,
5. Education related Infrastructure,
6. Fisheries,
7. Gas and Gas Works,
8. Health Infrastructure,
9. Housing including Slum Development and Development of Satellite,
towns,
10. Industrial Estates including Industrial Parks and Special Economic Zones,
11. Information and Communication Technology related Projects,
12. Inland Navigation and Inland Waterways,
13. Irrigation including Dams, Irrigation Structures, Canals,
14. Land Reclamation Projects,
15. Ports and Harbours,
16. Power Generation, Transmission and DExcerpt shown. Open the full act in Lexace.