Municipal Corporation of Gurgaon laughs all the way to bank

by Paul Joseph on March 23, 2013 · 0 comments

GURGAON: The Municipal Corporation of Gurgaon (MCG) is sitting on a mammoth corpus of over Rs 650 crore and is happily earning a huge interest as all the money is put aside as fixed deposits in various banks that are giving 9.85% rate of interest. A back-of-the-envelope calculation shows that every year the corporation earns close to Rs 65 crore in the form of this interest amount alone. “We have around Rs 650 crore with us and have put this amount as fixed amount in different banks so that we can earn interest. Last month we had called leading bank officials for quotations and have deposited the money in banks

[via India Properties – Real Estate India – Indian Property News Site]

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