SRINAGAR: J&K Bank would allow a moratorium period of six months under the Dastakar Scheme to all cases to be sanctioned after July 1as against a period of moratorium of only one month allowed at present.
A statement issued here by Kashmir Chamber of Commerce and Industries (KCCI) said raised issues about bringing some change in the scheme for the ease of its beneficiary and feel satisfied that the Financial Commissioner, Industries and Commerce has agreed.
The meeting was held on June 26 with the Financial Commissioner, Industries and Commerce Department, government of India.
The meeting was attended by Special Secretary to government, I&C Department, Director Handicrafts Department, Director Finance, I&C Department, President, J&K bank Ltd., Assistant Director, Handicrafts and the KCCI was represented by its President Sheikh Ashiq Ahmad accompanied by Rauf Ahmad Punjabi.
The statement also said Interest Subsidy of 10% will be available for 5 ½ years including the moratorium of only one month allowed at present.
That loan amount in full shall be treated as term loan under the Scheme with effect from July 1. “This shall apply to all the cases to be sanctioned after the fate of its effect,” it said.
However, the terms of loan shall remain unaltered for the cases sanctioned and disbursed up to 30th June, 2014, it said.
The Director, Handicrafts Department will prepare the scheme guidelines accordingly and submit the draft guidelines to the Administrative Department for formal approval.
It also said Director, Handicrafts Department will prepare proposal for consideration of the government to enhance the loan amount from Rs one lakh to Rs1.50 lakh to make the Scheme more effectively and vibrant for the beneficiaries.