Efforts made by NFCSF on restructuring of outstanding loans bear fruit
Out of the total outstanding loan, the principal amount is Rs.566.83 crore and the interest on the outstanding loan is Rs.191.79 crore while the additional interest on it is Rs.619.43 crore. The additional interest is completely waived and the outstanding principal amount and the amount of interest thereon has been rescheduled to be paid in seven years. No installment is to be paid for the first two years. This repayment will start from the third year
Team RuralVoice
The central government has given big relief to 33 cooperative sugar mills across the country by restructuring the outstanding loan amounts of Rs.1378 crore through its revised guidelines announced on February 28, 2024.
"Our efforts through Union Finance Minister Nirmala Sitramanji have succeeded," said the newly elected President of the National Federation of Cooperative Sugar Factories (NFCSF) Harshvardhan Patil.
Among the states involved in the total outstanding loans, Maharashtra has Rs 861.23 crore, Uttar Pradesh Rs 202.48 crore, Tamil Nadu Rs 113.15 crore, Karnataka Rs 103.20 crore, Gujarat Rs 39.37 crore and balance in the rest of the states including Andhra Pradesh and Odisha.
Out of the total outstanding loan, the principal amount is Rs.566.83 crore and the interest on the outstanding loan is Rs.191.79 crore while the additional interest on it is Rs.619.43 crore. Through the above letter, the additional interest is completely waived and the outstanding principal amount and the amount of interest thereon has been rescheduled to be paid in seven years. No installment is to be paid for the first two years. This repayment will start from the third year.
Along with this, the government has also brought a one-time repayment scheme for the outstanding loan of the Sugar Development Fund. Under this, they can repay the loan in six months. A committee of senior officers and experts of the Ministry of Food, has been constituted for systematic implementation of both these schemes.
"Both the above schemes will bring great relief to the co-operative factories across the country. Along with this, they will be eligible to get benefit of the government schemes. We will attempt for diversion of some amount of the GST to the Sugar Development Fund as well as NFCSF will to see the success of the one -time repayment scheme,” said Patil.
