The Textile Ministry has taken additional steps to streamline procedures below the Amended Know-how Upgradation Fund Scheme (A-TUFS), together with a deadline extension for submitting functions for verification, to make it simpler for the trade to learn from it.
“The textile trade models claiming subsidy can file software for bodily verification after set up and commissioning of the equipment, inside two years from the date of sanction of time period mortgage, topic to manufacturing of documentary proof that the order for equipment was positioned inside one 12 months,” stated a observe ready by the Ministry of Textiles.
Earlier, the models had been required to hunt approval for the second 12 months from the Textile Commissioner for extension of timeline past one 12 months with proof of pacing order for equipment, the observe added.
Credit score-linked subsidy
A-TUFS goals to facilitate employment, funding, high quality, productiveness, in addition to import and export substitution within the textile trade whereas not directly selling investments within the manufacturing of equipment for textiles. It’s a credit score linked subsidy for capital funding within the textiles and manufacturing sectors.
The textile trade had made representations to the federal government searching for relaxations in varied necessities below A-TUFS due to disruptions brought on by the Covid-19 pandemic.
Additionally learn: Textile Commissioner reopens document submission window for TUFS
A leisure has been additionally been accredited within the 88-day timeline prescribed in A-TUFS tips for finishing up bodily verification of equipment. That is designed to expedite the clearance of backlog verification instances below A-TUFS pending as a result of pandemic, the observe stated. “This train shall be accomplished by June 30, 2021,” it added.
Minimal mortgage compensation interval
The minimal mortgage compensation interval for each MSMEs and non-MSMEs has been revised to 3 years together with the moratorium interval, the observe stated. Earlier, it was 5 years for non-MSMEs.
In November 2020, 58 UIDs had been issued with a challenge price of ₹213.72 crore and subsidy requirement of ₹20.14 crore below A-TUFS, per newest figures.