Undavalli raises regional feeling on Amaravathi bonds

Undavalli raises regional feeling on Amaravathi bonds

Few days after meeting Andhra CM Nara Chandrababu Naidu in Amaravathi, the former-parliament member Undavalli Arun Kumar today raised regional feeling while speaking about 'Amaravathi Bonds' at a press meet today.

It's known that Amaravathi bonds worth 2000 Crore Rupees was recently issued by CRDA (Capital Region Development Authority) and it's officially guaranteed by AP state government.

Speaking about the interest rate for these bonds (10.32%), Undavalli questioned the state government, "while all centralized and privatized banks are offering interest rates between 7-8% for 5 years, how can state government promise 10%+ rate of interest." Demanding an explanation from CM Chandrababu regarding transparency, Undavalli asked the TDP government to come clean on bonds issue ahead of 2019 elections.

He further said, "CRISIL rating, in its observation, mentioned that government's guaranteed security will make it risk free. That is why investors have rushed to buy these bonds."

Triggering a controversy on why should people of other cities should pay taxes for repayment/interest of the 'Amaravathi Bonds' by ignoring the fact that state capital belongs to everyone. He asked, "will state government be able to pay for the bonds issued for construction of drainage project in Rajamundry? Has it got something do with a person in Srikakulam or Ananthapur? If people have trust in development of Rajamundry, they will certainly buy. But, why one should pay taxes from other cities to pay the interest for these bonds issued by CRDA?"

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