‘A youth has raked up debt of Rs 3.5 crore’ (Herald)

October 20, 2013 PANJIM: It is a fact that a college going boy has raked up a debt running up to Rs 3.5 crore as a result of vices accrued because of easy availability of money on account of the mining boom, Chairperson of the Ponda Municipal Council and Principal of Dempo College Dr Radhika Nayak revealed on Saturday at the Goa Institute of Management. “Being in the line of education we have seen the issues arising out of the mining boom. It is a fact that there is a youth who has borrowing running up to Rs 3.5 crore as a result of gambling on account of easy money availability. The family does not know what to do,” Naik said adding that she personally knows the family. “The difference of those in the mining business and those who are not was evident. You could see them with the latest gizmos and gadgets and today they cannot sustain such a lifestyle,” she added stressing that the social fabric was stretched to its limits during the mining boom. On the other hand however, she said that the Ponda Municipal Council has had to deal with a 40% shortfall in revenues as they are not getting any construction licence fees nor any occupancy certificate fees which have come to a complete standstill. She also added that the famous Ganapati Car Lottery of Quepem this year took as many as 21 days to be sold completely but last year the tickets despite costing Rs 1,000 each were sold out within two days. The Quepem Ganapati lotteries became famous after the started offering as many as 25 cars as prizes ranging from top end BMWs to low end compact cars. Being in the line of education we have seen the issues arising out of the mining boom. It is a fact that there is a youth who has borrowing running up to Rs 3.5 crore as a result of gambling on account of easy money availability. The family does not know what to do http://www.heraldgoa.in/News/Local%20News/lsquo-A-youth-has-raked-up-debt-of-Rs-3-5-crore-rsquo/80877.html