CCEA nod for loans to sugar mills to clear cane price arrears

New Delhi, Dec 26 : The Cabinet Committee on Economic Affairs (CCEA) today approved the guidelines for financial assistance to the sugar industry for payment of cane price arrears.

The financial assistance will be met fully from the sugar development fund.

Central government will provide an interest subvention up to 12 per cent at a simple rate of interest for the additional working capital loans to the sugar undertakings, equal to last three sugar seasons excise duty, cess and surcharge on sugar, to be provided by the banks.

The sugar undertakings with loans classified Non Performing Assets (NPA) by the banks will also be eligible for the loans provided the concerned state governments give guarantee for their new loans.

The interest subvention would be for a total loan duration of 5 years including 2 years moratorium period. No interest subvention to be provided for the period of default in the principal repayments.

The loans would be meant exclusively for effecting cane price payments by the sugar mills.

--ANI (Posted on 26-12-2013)

more-news headlines

93-year-old Ram Sundar Das files nomination from Hajipur

Music fest in Himachal to raise money for kids

Delhi High Court summons chief secretary over water contamination

Smriti Irani files nomination from Amethi

Appoint special prosecutor for sex crimes against children: High Court

BJP caught in the hands of one man: Sonia

Complete drain de-silting work by May 15: Lieutenant Governor Najeeb Jung

Stop fooling the nation, Rahul tells Modi

HC seeks report on deplorable condition of children's parks

Security arrangements in place for Thursday's Udhampur poll

Light rain expected in Delhi Thursday

Congressmen believe they are born to rule: Jaitley

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014


Your e-mail:

Your Full Name:

Type verification image:
verification image, type it in the box


Back to Top