Post demonetisation: Government gives one-time relaxation to banks to submit CLCSS claims

02 January 2017, 09:10 PM
Work load on banks post-demonetisation
Work load on banks post-demonetisation

Government has given a one-time relaxation to banks for submission of online applications for claims under Credit Linked Capital Subsidy Scheme (CLCSS), due to their heavy workload post demonetisation.

The one-time relaxation of 31 days allows all nodal banks/agencies under CLCSS to submit claims upto 31 January, 2017.

However, the relaxation is applicable for eligible claims of third quarter of 2016-17 (October-December 2016) only. From the fourth quarter of 2016-17 ending on 31 March, the one-time relaxation in submitting the claims will not be applicable.

“All nodal banks/agencies under CLCSS including SIDBI, SBI, PNB, BOB, NABARD, BOI, SBBJ, Canara Bank, Indian Bank, TIICL, Corporation Bank and Andhra Bank are allowed one-time relaxation of 31 days due to present workload on banks after demonetisation,” the MSME Ministry said in a memorandum.

The Credit Linked Capital Subsidy Scheme (CLCSS) for technology upgradation of Micro and Small Enterprises was launched in October 2000 and revised from September 29, 2005.

The revised scheme aims at facilitating technology upgradation of Micro and Small Enterprises (MSEs) by providing 15 per cent capital subsidy (limited to maximum Rs 15 lakh) for purchase of Plant & Machinery.

Maximum limit of eligible loan for calculation of subsidy under the scheme is Rs 100 lakh. Presently, more than 1,500 well established/improved technologies under 51 sub-sectors have been approved under the scheme.

First Published: Monday, January 02, 2017 09:01 PM

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