Section 13A in The Punjab State Aid to Industries Rules, 1936
13A. [ Grant of interest-free loans. [Inserted by Punjab Government notification No. G.S.R.-278 P.A.5/65/Section 46 Amd.(4)/65, dated the 23rd November, 1965.]
(1)Interest-free loans may be advanced, during the period commencing from Section 17 read with date of publication of the Punjab State Aid to Industries (Amendment) Rules, 1965 in the official Gazette and ending on the 31st December, 1965, to the industrial units functioning in the districts of Amritsar, Ferozepur, Gurdaspur, Kapurthala, Jullundur and Ludhiana for the payment of wages in advance to the labour working in such units. [Section 46(2) and (q)](2)Notwithstanding anything contained in sub-rules (a) and (b) of rule 13, the recovery of interest-free loans granted under sub-rule (1), shall start on expiry of six months from the date of disbursement thereof and the loan so advanced shall be recovered in four equal quarterly instalments :Provided that in the case of misutilisation of such loan or of default in re-payment of any instalment of such loan on due dates, the entire amount of such loan then due shall become immediately repayable along with interest at the rate of 7 ½ per cent per annum.]
