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OTS scheme reopened for mining affected

13 Oct 2017 07:10am IST
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13 Oct 2017 07:10am IST

CM is the ultimate authority to decide on grant of benefit; Debt relief scheme is extended upto December 2017

Team Herald

PANJIM: The State Government on Thursday reopened its ambitious ‘Debt Relief -- One Time Settlement (OTS) scheme to mining affected borrowers, whose applications were pending before the banks and financial institutions but could not get clearance due to the expiry of the scheme in March 2016. 

Interestingly, Chief Minister Manohar Parrikar will be the ultimate authority to decide on grant of benefit on case to case basis. The scheme is extended upto December 2017. 

The decision to reopen the OTS scheme was taken during the recent cabinet meeting. The scheme, aimed at providing debt relief to the truckers and barge owners who are dependent on the mining industry, was introduced in September 2014. Under the scheme, 3978 applications have been sanctioned with subsidy of Rs 120 crore. 

“The ‘Debt Relief Scheme’ is further extended upto December 31, 2017. The proposed extension is limited to only those proposals that are pending with the banks or those which were rejected earlier,” the order issued by Director of Mines Prasanna Acharya reads.

Acharya said that since this is the last revision of the scheme, the final authority to grant the benefit either fully or partly in exceptional cases in either single case or group of cases shall lie with the chief minister whose decision shall be final. 

The OTS scheme first lapsed in March 2015 and was granted extension of six months upto September 4, 2015. Later, it was further extended upto December, 2015 and then upto March 31, 2016. 

As per the Debt Relief scheme, a subsidy upto 35 percent on the total loan settlement amount is provided. The banks and financial institutions are granting waiver of 100 percent loan interest from September 2012 and 40 percent waiver on principle loan amount for truck owners while 30 percent to barge owners.
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