Interest Subsidy For Chattisgarh Ssis, It Units
The government of Chhattisgarh state has amended its industrial policy section on providing interest subsidy and related facilities for new small scale industrial and information technology units.
From now on, small industrial and information technology units established after November 1, 2001, will get annual interest subsidy maximum to the tune of Rs 5 lakh.
Entrepreneurs belonging to scheduled castes and tribes have been exempted from the maximum limit, the government said in a release.
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Commerce and industry department secretary Amitabh Jain said entrepreneurs will get interest subsidy of 5 per cent to the limit of Rs 5 lakh per annum while interest subsidy would be 10 per cent for entrepreneurs belonging to schedule castes and tribes.
Information technology units will also get interest subsidy of 5 per cent, with identical exemption for entrepreneurs belonging to schedule castes and tribes. Interest subsidy period would be computed from day one of loan distribution to the next five years.
Beneficiary entrepreneurs will have to pay 1 per cent of the total interest thereafter on the basis of remaining interest amount.
Interest subsidy would be provided only against basic interest. Subsidy on delayed fees or on any other payment would not be provided.
New small scale industrial and information technology units will get interest subsidy on interest paid to financial institutions for active capital, fixed loan or both.
However, small scale and information technology companies financed under government of India, state government or corporation and boards of the state government or under employment scheme of institutions and already enjoying concessions on interest amount would not be eligible for interest subsidy.
For subsidy these units will have to submit a separate application and if the claim was approved, payment will be released on basis of claim interest subsidy rules.
If either unit or bank were found to have secured subsidy presenting wrong facts, interest subsidy would be collected from the concerned party in one go and the collection would be made in line with recoveries made in land revenue cases.