Section 7 in The Rajasthan State Interest Subsidy Scheme For Industries, 1998
7. Procedure for claiming Subsidy.
- (i) An eligible industrial unit shall apply in the application form prescribed at Annexure C to the Prescribed Authority for grant of Subsidy along with loan sanction letter issued by the term lending institution(s). Subsidy shall be sanctioned on the basis of loan sanctions issued by the financial institution(s).(ii)The Prescribed Authority shall dispose of the application within 30 days from the date of receipt of application and the decision sanctioning or rejecting the application, as the case may be, shall be conveyed to the applicant and the respective financial institution(s). Sanction shall be issued in form prescribed at Annexure D.(iii)Benefits of Subsidy shall commence immediately after the first instalment of the term loan has been disbursed by the term lending institution(s).(iv)Payment of Subsidy shall be made only for the period for which the industrial unit makes regular repayment of loan and interest due to the financial institution(s). Subsidy shall be disallowed for the period the unit defaults in making regular repayment, it shall be allowed prospectively in case such unit clears all its over dues, and starts making regular repayment of the term loan and interest.(v)The State Finance Institution(s)/Schedule Commercial Bank(s)/co-operative Bank(s) shall lodge the claim in the format prescribed at Annexure E to the prescribed authorities, i.e. concerned District Industries Centres or Director of Industries as the case may be for reimbursement of Subsidy The DIC or Director of Industries as the case may be, shall reimbursed the Subsidy amount so claimed to the term lending institution(s) within a month from the received of the claim format duly filled, [XXX] [Deleted by Notification dated 27-12-2001, w.e.f. 1-1-2000.],(vi)The beneficiary industrial unit shall execute an agreement in the format prescribed Annexure F the with Prescribed Authority before the disbursement of the Subsidy sanctioned.(vii)The financial institution(s) after receipt of sanction of interest Subsidy from the Prescribed Authority shall lodge claims in prescribed form with the Commissionerate/Directorate of Industries or DIC, as the case may be for providing funds of such interest Subsidy to the Financial Institutions. The FIS shall credit to the party's account the amount of interest Subsidy on receipt of the same from the Commissionerate/Directorate of Industries/DIC.
