J&K Cabinet approved 5% interest subsidy for flood-hit traders

Jammu and Kashmir government on 27 April 2016 approved five percent interest subvention to flood-hit traders with effect from 1 April 2016. The decision will bring a major relief to September 2014 flood hit traders and business units.

The interest subsidy will have a cap of five lakh rupees per unit for a period of four years, that is, up to 31 December 2020. 

The decision was taken at a Cabinet meeting chaired by Chief Minister Mehbooba Mufti in Jammu.

To ensure proper implementation of the interest subvention assistance scheme, the Cabinet also ordered constitution of a high-level Coordination Committee. The panel will be headed by Chief Secretary and comprising representatives of Relief Rehabilitation department, Finance department, and Planning and Development department.

Besides, the Cabinet also sanctioned the second tranche of assistance proposed to be given to small traders and business establishments who have been given start-up incentive with turnover up to 10 lakh rupees.

Also Read: Union Government approved a rehabilitation package of 1102-crore rupees for J&K

ASSOCHAM estimated J&K floods caused losses of 5700 crore rupees to state’s economy

Article 370 is beyond amendment, repeal or abrogation: J&K High Court

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