Rs 250 cr released for waiver of KCC loans
Ahead of the upcoming Eid festival, Chief Minister, Ms Mehbooba Mufti today formally launched the cash relief disbursement process for flood-affected businesses in the State.
Under the scheme, cash relief was transferred directly into the bank accounts of the flood-affected and impacted businesses including traders, farmers, artisans, houseboat owners and others who were hit by the September 2014 deluge.
The interest subvention scheme for flood-affected traders is being implemented as a part of the Rs 80000 crore Prime Minister’s Development Package for J&K under which Rs 880 crore have been earmarked for relief to to be provided to the flood-affected people.
Approved by the State Cabinet in April this year, the interest subvention scheme provides for grant of 5 per cent interest subsidy to the flood-hit traders with effect from April 1, 2016 with a cap of Rs 5 lakh per unit for a period of four years.
The State Government will give the money to banks for disbursal to the flood-hit traders. The only condition for availing the interest subsidy is that the beneficiary account must have been standard as on August 31, 2014 with a maximum limit of Rs 5 lakh.
The Chief Minister also rolled out release of funds to the tune of Rs 250 crore to provide one-time waiver to farmers who had availed upto Rs 1 lakh loan under Kisan Credit Card (KCC) scheme. The announcement in this regard was made last year by the Government.
In another major move, the Chief Minister released Rs 48 crore for one-time settlement of loans of Houseboat Owners.
She also released interest subvention component amounting to Rs 35 crore in respect of Artisans Credit Cards (AAC), pending since 2011. The settlement will pose an outgo of Rs 26 crore which will be released from tomorrow.
Speaking on the occasion, the Chief Minister said she has fulfilled the desire of Mufti Mohammad Sayeed to provide some tangible relief to the flood-affected people. “Mufti Sahab always used to say that he will not rest till every flood-affected section is compensated adequately,” she said.
The Chief Minister also announced amnesty on Sales Tax and filing of sales tax returns.
The Chief Minister said financial package of Rs 5.50 lakh each for the West Pakistan refugees would be disbursed immediately after Eid.