CCEA approves closure of BWEL

New Delhi Aug 23: The Cabinet Committee on Economic Affairs (CCEA) headed by PM Modi on Wednesday has approved the closure of loss-making Bharat Wagon and Engineering Company, a Central Public Sector Enterprise under the Ministry of Railways.

A statement was issued saying that "626 employees of BWEL will benefit from the voluntary retirement scheme to be offered at the 2007 pay scale. The Government will have to provide a one-time grant of Rs. 151.18 crore towards the severance package and for clearing the current liabilities of the company."

The Cabinet has also approved the transfer of 40 acres of land of the Airports Authority of India in Dahisar to Mumbai Metropolitan Region Development Authority (MMRDA) for its metro shed swapping with 40 acres of state government land in Gorai, Mumbai. The land transaction will enable MMRDA to complete the metro rail project in Mumbai, the statement added.

Other decisions by Cabinet include approval to MoUs between India and Nepal to curb illicit trafficking of narcotic drugs and psychotropic substances between the two countries.

Another MoU that has got Cabinet approval, which will be signed between the two countries, is for laying down implementation arrangements on cost sharing, schedules and safeguard issues for starting the construction of a new bridge over the Mechi River on the Indo-Nepal border.

The CCEA has approved renaming the new Central Sector Scheme - SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) - as the 'Pradhan Mantri Kisan Sampada Yojana (PMKSY)' for the period 2016-20.