Tamil Nadu - Coimbatore   

Disbursement of TUFS assistance

COIMBATORE: Textile units that have loans sanctioned under the Technology Upgradation Fund Scheme (TUFS) before March 2007 and have not taken the first disbursement should do so before September 30, 2008, according to a recent circular from the Union Ministry of Textiles.

In case the units do not take the first disbursement by the end of September, such cases will be cancelled by the lending agencies.

According to Sashi Singh, Joint Textile Commissioner, the banks have been asked to submit details of companies that have not taken the loan disbursement so far.

The Ministry will have to estimate the fund requirement for reimbursement of the interest subsidy. Since a number of units had obtained loan sanction before March 2007 and there were units that had not taken the disbursement, the notification has been issued.

Ms. Singh adds that funds have been released for the scheme up to September 2007.

The circular adds that from April 1 the units should submit claim under the TUFS within six months of loan sanction.

Otherwise, the cases will not be considered for the scheme benefits.

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