Rs 650 crore annual plan for J

Srinagar, July 9 (UNI) A Rs 650 crore annual action plan has been approved for the Jammu and Kashmir Scheduled Caste, Scheduled Tribe and Other Backward Classes Development Corporation for 2006-07.

An official spokesman said the plan was approved under the direct finance scheme at a high-level meeting here.

The meeting also approved 34 instalments of Cost Of Living Allowance (COLA) in favour of the employees of the Corporation.

In another decision, a simplification procedure for sanctioning a loan was also agreed upon. The meeting also decided that only principal amount and simple interest would be recovered from defaulters. This relaxation would be given for a period of one year.

The meeting fixed a target of setting up 1500 income generating units for which the Corporation would provide a subsidy of Rs 1.31 crore and a loan of Rs 2.25 crore by various financial institutions.

It was further stated that the targets fixed for the current year were 35 per cent above the achievements of last year.

The meeting was told that during the last year, about Rs 1.41 crore were recovered from the unit holders. As many as 1080 income generating units were set up with a subsidy of Rs 90.45 lakh, and a loan of Rs 2.70 crore in 2005.

It was also stated these income generating units were being set up for beneficiaries belonging to the Scheduled Caste, Scheduled Tribe and Other backward Classes.

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