The BMC plans to issue the bonds this financial year, mostly by December 2026

Mumbai: The BMC, Asia’s richest municipal body, is planning to raise around Rs 9,500 crore through municipal bonds, a move that is set to become the largest municipal bond issued by any urban local body in India.The BMC plans to issue the bonds this financial year — mostly by December. Civic officials said a decision is yet to be taken on whether the bonds will be floated in a single tranche or in phases.“As part of the process, the BMC has shortlisted three firms to manage the proposed bond issue,” said additional municipal commissioner Abhijit Bangar, in charge of the finance department. The shortlisted firms — AK Capital Services Ltd, Tipsons Consultancy Services Pvt Ltd, and Trust Investment Advisers Pvt Ltd — will act as merchant bankers for the bond issuance process.“Borrowing for capital works is a sound financial strategy, provided it is backed by a credible repayment plan. We have to ensure that we are in a position to service the debt and comply with all financial norms,” said Bangar, adding that the BMC expects several of its major infrastructure projects to reach peak expenditure over the next two years, making external financing an important part of its long-term capital investment strategy.This move is part of BMC’s plan to diversify its funding sources for capital-intensive infrastructure works instead of relying solely on its own revenues. Civic officials said the BMC is exploring market borrowings to fund capital-intensive projects, including the seven sewerage treatment plants, the Rs 13,000-crore integrated flood control master plan, which recently received an approval from the Centre, pumping stations, tunnels, and major road infrastructure projects such as the Goregaon-Mulund Link Road.Officials clarified that while the proposed bond size is around Rs 9,500 crore, the BMC is yet to finalise the issue structure, timing and the specific projects that will be financed. The current exercise is aimed at appointing experts who will guide the corporation through the technical, financial and regulatory process of issuing bonds.“While several urban local bodies have tapped the bond market over the past decade, none has attempted an issue of the scale proposed by the BMC,” said an official, adding that the selected merchant bankers will coordinate the entire process, including obtaining credit ratings, preparing the issue structure and ensuring compliance with market regulations.The Pune Municipal Corporation raised Rs 200 crore through bonds in 2017, Greater Hyderabad Municipal Corporation over Rs 495 crore across multiple issues in 2018 and 2019, Indore Municipal Corporation floated tranches of Rs 139.9 crore in 2018, and Rs 244 crore in 2023, Ahmedabad Municipal Corporation issued Rs 200 crore bonds in both 2019 and 2024, and Ghaziabad Nagar Nigam raised Rs 150 crore through India’s first certified green municipal bond in 2021.The BMC said obtaining a credit rating will be among the first steps before floating the bonds. The merchant bankers will appoint credit rating agencies and advise the civic body on the issue size, repayment structure and timing of the bond issue. Officials said the repayment period for municipal bonds is generally long-term, with a tenure of around 15 years, allowing civic bodies to spread repayments over a longer horizon instead of opting for conventional borrowing.The civic body is also exploring the bond route in the context of the Centre’s Urban Challenge Fund, under which urban local bodies are expected to mobilise a portion of project financing through market borrowings. Officials said the fund envisages a financing model where 25% of the funding comes from the Centre, 25% from the urban local body and the remaining 50% is mobilised from the open market.The BMC budget 2026-27 had stated that the civic body is planning to raise Municipal Green Bonds for financing its sustainable infrastructure such as waste water treatment and desalination plants. This, officials had said, would not only support India’s Sustainable Developmental Goals commitments and net zero goals but also help to achieve Mumbai’s Climate Action Plan attracting Environmental, Social and Governance focused institutional investors.“A strong momentum has been induced towards issuance of municipal bonds for sustainable development projects with the Finance Minister announcing a Rs 100 crore incentive for a single municipal bond issuance of Rs 1000 crore in Budget 2026 along with incentives under AMRUT 2.0 mission. BMC has already initiated the process of appointment of Credit Rating Agency and will be initiating further process for raising Municipal Green Bonds to finance its sustainable development,” the municipal commissioner had said in his budget speech.If the proposal goes ahead, Mumbai’s civic body will not only mark its maiden entry into the municipal bond market but also set a new benchmark for the country’s urban infrastructure financing.Merchant Bankers Shortlisted To Manage Process* AK Capital Services Ltd* Tipsons Consultancy Services Pvt Ltd* Trust Investment Advisers Pvt LtdTheir Role:* Structure the bond issue* Obtain credit ratings* Advise on issue size & timing* Ensure regulatory compliance* Market the bond to investors

The officials said they had intelligence that some passengers would either carry gold on their person or conceal it inside the aircraft

Mumbai: The Directorate of Revenue Intelligence (DRI) has arrested three foreign nationals for allegedly attempting to smuggle over 12 kg of gold worth ₹18 crore by concealing it inside the washroom panels of an international flight arriving from Ethiopia.The three arrested have been identified as Ahmed Abdurahman, 24, Mohammed Abdurahman, 20, and Jemil Nuri Mohammed, 29, who are nationals of Ethiopia. The trio arrived in India from Addis Ababa on Thursday evening.The officials had intelligence that some passengers would either carry gold on their person or conceal it inside the aircraft with the assistance of cleaning staffers at the airport for its subsequent retrieval and illegal clearance.The officials intercepted the trio at the aerobridge shortly after the flight landed. While the accused denied carrying any gold or contraband, personal searches yielded nothing incriminating.However, searches of their cabin baggage led to the recovery of Allen keys from each of the three passengers. During sustained questioning, the accused allegedly admitted that the tools were meant to open aircraft panels and conceal the smuggled gold inside the rear washrooms of the aircraft for later retrieval by cleaning staff. Accused Jemil Nuri disclosed he received six gold bars in Addis Ababa and, after boarding the flight, handed three bars each to the other two accused with instructions to hide them in separate washrooms using the Allen keys. Ahmed Abdurahman and Abdulselam Abdurahman allegedly corroborated the statement and admitted concealing the gold in the left and right rear washrooms of the aircraft.Based on the disclosures, DRI officers escorted the accused back to the aircraft and recovered six yellow metal bars wrapped in brown adhesive tape from the two rear washrooms. A govt-approved valuer certified that the recovered bars were 24-carat gold weighing 12,004 grammes with a total market value of ₹18 crore. If the consignment was imported legally through the baggage route, customs duty of approximately ₹7.92 crore would have been payable, resulting in an alleged duty evasion of about ₹7.92 crore. Their advocate Ravi Hirani, defending them, told the customs court that his clients were unaware of the Indian laws. The court remanded them to judicial custody.

Mumbai: As seven out of 10 patients with head-and-neck cancers in India reach hospitals only after the disease has severely advanced, doctors — ahead of World Head and Neck Cancer Day on July 27 — underlined the importance of routine screening for oral cancer.The Mazgaon-based Head and Neck Cancer Institute of India (HNCII), along with NGOs Cancer Patients Aid Association, Indian Cancer Society and dentists, on Friday launched an awareness and screening campaign titled ‘In Cancer, Delay Is the Real Killer’.“The idea is to urge people to seek medical attention at the first sign of symptoms rather than postponing diagnosis or treatment,” HNCII founder Dr Sultan A Pradhan said. Head and neck cancers account for nearly 30% of all cancers in India, with tobacco use responsible for the majority of cases.The BMC also last year started screening for oral, cervical and breast cancer, but experts feel wider awareness is needed. In 2025, the BMC screened close to 3 lakh people for oral cancer, identifying 3,000 as suspected cases; 650 biopsies were conducted that further led to 24 patients getting diagnosed with oral cancer.On Friday, Dr Pradhan said, “We have made significant advances in the treatment of cancer, but these advances can only help if patients reach us in time.” Too often, people ignore a symptom, wait for it to disappear, postpone a consultation or delay treatment after diagnosis. “Our message is simple: if something is not right, get it checked. In cancer, delay is the real killer,” he added.People should not ignore persistent mouth ulcers, painless lumps in the neck, difficulty in swallowing or unexplained changes in voice, as these could be early warning signs of oral or head and neck cancers.

People from all walks of life participated in the protest

Mumbai: Under a heavy overcast sky and oppressive mid-monsoon humidity, Shivaji Park in Dadar witnessed a massive crowd—of roughly 3,000 protesters by police’s estimate—on the sixth day of student-led demonstrations in the city on Friday.Police lodged an FIR against five persons for participating in demonstrations in Shivaji Park as well as Tilak Nagar in Chembur and Santacruz in defiance of prohibitory orders on large public gatherings.The protest at Shivaji Park was scheduled to begin at 4pm, but it was swarming with imposing numbers well before the opening call, transforming Dadar into the epicentre of a growing youth movement. A central stage was erected for speakers, positioned under the gaze of the Meenatai Thackeray bust near the park’s main entrance. Unlike most protests that feature a loud protester with a ‘dafli’, this one had a set playlist: patriotic songs, songs from the movie ‘Rang De Basanti’, and track ‘Azaadi’ from ‘Gully Boy’.Within moments of commencement, the human tide stretched from the junction outside Shiv Sena Bhavan to the park gates. Police vans lined the main thoroughfares and the final stretch of Keluskar Road leading into the park was barricaded. Several protesters scrambled onto bollards and surrounding residential boundary walls to secure a vantage view of the stage.Attendees held placards like “Lathis are for criminals, why use them on students?” and “Everybody is gangsta until cockroaches start flying”. Adding to the visual spectacle, several young demonstrators arrived in full cosplay—including Captain America, Krrish, and a wildly popular Spider-Man.Interspersed throughout the dense crowd were people from all walks of life, brought together by shared frustration over exam leaks and crackdowns.Dr Adarsh Tajane (24), an intern at Sion Hospital who arrived straight from work in his medical scrubs and stethoscope, emphasised the need for systemic reform. “An example needs to be set for the future so that things like paper leaks don’t happen,” he said.For others, the motivation was personal. Dr Disha Vichare, a dentist wrapped in the Tricolour and holding a red rose, drew on her own experience with competitive exams. “I have been through NEET and understand the mental toll it can take,” she said. “Those students did not have to die, and moreover, people were beaten up for raising the issue.”The protest also drew first-time agitators like Shreesti Kumari (27), a copywriter originally from Jharkhand. She said police action against students in Delhi was the tipping point that pushed her out onto the street.Student Balraj Singh (19) stood holding a compilation of Bhagat Singh’s writings. “He stood for change,” he said.Broader solidarity brought cross-generational participation from across the city. Murtaza Engineer, an advocate in Bombay high court, arrived from Mazgaon with his wife, brother and 81-year-old mother. “My daughter is a surgeon at JJ Hospital. I don’t need to be here, but this is for the children of India,” he said. “My daughter has already cleared the exam, but we are asking for accountability. We shouldn’t need to protest for that.”Around 6.15pm, police personnel began slowly nudging the crowd out of the primary assembly zone. As the main gathering dispersed, smaller groups split off into surrounding feeder roads, briefly stalling traffic across Dadar.(With inputs from S Ahmed Ali)