Excelsior Correspondent
SRINAGAR, June 7: Minister for Revenue, Relief and Rehabilitation, Syed Basharat Ahmad Bukhari today convened a meeting to review the pace of implementation of Interest Subvention Assistance for the restoration of livelihood of traders/business establishments affected during September-2014 floods.
Financial Commissioner Planning and Development, B.B Vyas, Commissioner Secretary, Revenue, Mohammad Afzal, Chairman Jammu and Kashmir Bank, Mushtaq Ahmad, Senior President, J&K Bank S.K Bhat and other senior officers of Revenue, Relief and Rehabilitation Departments were present in the meeting.
The Minister noted with concern the delay in the disbursement of Interest Subvention Assistance in favour of flood hit business community. He asked all the concerned to speed up the process and ensure time bound disbursement of said assistance to the beneficiaries. The meeting decided to re-verify the list of beneficiaries who have been linked with the banks and approached for restructuring of the credit accounts.
The Chairman J&K Bank assured that complete data of all such beneficiaries is available with the bank and re-verification of the accounts holders falling under the scheme will be completed within 4 days.
The meeting also decided to disburse subsidizing interest to an extent of 50 percent for the period from 01-09-2014 to 31-12-2015 in favour of all the 28246 units with a cap of Rs 5 lakh which involves financial implication of Rs. 175 crore.
It was also decided that grant of 5 percent interest subvention w.e.f January 1, 2016 with a cap of Rs 5 lakh per unit in respect of 28246 business units involving financial implication of Rs 368 crore for a period of 4 years shall also be released in various tranches.
The Minister asked all the officers present in the meeting to attend the next meeting on June 14, 2016 to finalize the disbursement process to provide succor to the affected business community.
Earlier, the Minister said that restoration/revival process of September-2014 flood damaged infrastructure besides rehabilitation of business community is priority of Government and all possible measures are being taken in this regard.
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