Section 12 in The State Capital Investment Subsidy Scheme for New Industries, 1990
12.
The subsidy may be sanctioned as per the approved project report but disbursement will be in proportion to the assets created. The disbursement of subsidy will commence after fixed assets to the extent of at least 50% have been created. First advance subsidy installment can be claimed after creation of 50% assets and second installment after creation of 75% assets. In this Manner advance subsidy up to 75% of the sanctioned amount may be disbursed. The remaining 25% may be disbursed only after the unit commences production. If the unit fails to commence commercial production within two years after receiving 75% of the subsidy, the amount of subsidy will be liable to be recovered as arrears of land revenue. [The Disbursement of subsidy will be made by the RIICO or RFC, as the case may be, to the units assisted by them. In case of self financed units or the unit financed by the Banks or Central Financial Institutions, disbursement of subsidy will be made by the Director of Industries/District Industries Centres, as the case maybe.] [Substituted by Notification dated 4-1-1991, Rajasthan Gazeted Part 4-C, dated 2-5-1991, page 24.]
