They aim to complete the implementation in 2 years.As per Nitin Gadkari, the NHAI will observe record earnings from the country’s highway network.
On Tuesday, Union Transport Minister Nitin Gadkari revealed that the government is ending the toll. They aim to introduce a new satellite-based toll collection system, increasing the funds by Rs 10,000 crore. Here are all the details of the announcement made by the minister.The government plans to implement the Global Navigation Satellite System or GNSS for toll collection on the country’s highways, soon. As per the new reports, the implementation is expected to provide several benefits, including improved flow of traffic and better earnings, which could give a profit of Rs 10,000 crore. According to Nitin Gadkari, the NHAI (National Highway Authority of India) will observe record earnings from the highway network.The Union Transport Minister stated, “GNSS will add another Rs 10,000 crore to the toll revenue and remove 99 per cent of the existing loopholes in the system.” He further added, “We need to put in place a transparent, qualitative and leak-proof system of GNSS-based toll collection in India to ensure no inconvenience to toll users.” The reports state that this new system is expected to be implemented by the end of this year. However, the NHAI is still in the process of finalizing an agency required for the implementation.The organisation has invited global companies through EOIs (Expressions of interest), that can start working on the GNSS-based toll collection system on the highways. The government wants to finish the implementation work within two years, aiming to cover a highway distance of 50,000 kilometres in the period.After the implementation, the FASTag-based toll collection system would be eliminated. The RFID (Radio Frequency Identification) on a vehicle will be used to operate the system with the help of a GPS. Virtual toll booths will be constructed on the highways, and installed with cameras that will be able to identify the license plates of vehicles in motion. According to more information, they will use GPS coordinates to locate, and track the vehicle’s details. The amount would be automatically deducted from the bank account, according to the distance travelled. Business DeskA team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings …Read More