Lucknow: In a measure to overcome debts and complete long delayed projects, Indian railways will soon issue tax-free bonds to raise funds around Rs 10,000 crore.

KK Srivastava, member of Railway board (traffic department) said, “In the current fiscal year – 2011-2012, the Railways has set the freight target to the tune of 99.30 crore. Due to low freight of iron and coal, it has become difficult to complete the target.”

Talking on the various projects, Srivastava said that to avoid the accidents due to collision of trains, the test of anti-collision devices is in last phase with Research Designs and Standards Organisation (RDSO).  The first anti-collision device would be installed in Southern Railways. The authorities are also planning to install fog device soon.

“The public convenience based pay and use model would be constructed on e-class railways stations. Besides, the authorities would work towards improving the cleanliness of the station”, he said.

Railways would aim to target airline passengers. In view of this, the step to build high speed corridor has been taken.

JPN/Bureau