Approval of Transport Facility Projects.

(1) A proposal of a Government agency or a statutory body for participation by a party in financing, construction, re-construction, improvement, repair, maintenance or operation of a transport facility shall be forwarded through the project management agency to the Member Secretary along with information relating thereto as may be prescribed by regulations. (2) As soon as may be after the receipt of the proposal under sub-section (1), the Member Secretary shall place the same for the consideration of the executive committee. (3) The executive committee shall consider it along with the concession agreement and return it along with the concession agreement to the Government agency or to the statutory body concerned with modifications or recommendation, if any. (4) The Board and the Government agency or the statutory body concerned may enter into a concession agreement with a person who is selected through a competitive public bidding or in the manner prescribed for the financing and construction of a transport facility. (5) A concession agreement may provide that the Board may revise the user fees, referred to in sub-section (2) of section 8 having regard to the rate of inflation, variation in the rate of foreign exchange and such other factors, as may be prescribed.