Nashik : Nashik Municipal Corporation had to break security deposit of Rs. 25 crore to make payment to its employees. It received Rs. 30 crore of registration fee from state government. The safe deposit of Rs. 25 crore will be restored, authorised sources informed.
After breaking of safe deposit of Rs. 25 crore, NMC was facing criticism from all levels, but NMC had to face financial crisis after revenue from octroi and Local Body Tax was stopped. As revenue it had received from Mico Bosch, Mahindra and Mahindra, VIP and Ceat companies in the form octroi had stopped, its financial source was completely stopped.
As LBT which was implemented later also scrapped, NMC had faced financial difficulties. It was difficult to give payment of employees last month. The payment was made thereafter by safe deposit of Rs. 25 crore.