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(iii) Scheme for Settlement of Small Loan cases having sanctioned amount above Rs. 0.50 lac, but upto Rs. 2.00 lac : 2006-07
The above account can be settled in Rs. 1.80 lac (Principal sum Rs. 1.00 lac x 1.5 + other money Rs. 0.30 lac) 3. OPERATIVE PERIOD OF THE SCHEME: 01.04.2006 to 30.12.2006. 4. REGISTRATION FEE The cases will be registered alongwith registration fee of Rs. 1,000/- and up-front amount equivalent to 15% of principal sum plus other money on the date of registration should be obtained. Meaning there by, 15% of other money, if any, is to be included in the up-front amount. There is no restrictive clause for registration of deferred sale cases under the schemes, if there are otherwise eligible. NOTE: The registration fee and up-front amount will be deposited in one stroke. 5. COMPETENT AUTHORITY Competent authority shall be the Branch Manager/In-charge Branch Irrespective of sacrifice amount. If the competent Authority does not decide the case eithin two months from the date of registration, the authority will become functus officio and case will be decided by the next higher authority, that will decide within one month. Branch Manager while conveying decision to party for deposition of settlement amount shall specifically mention the quantum of upfront amount which has been adjusted against the settlement amount. 6. PAYMENT OF SETTLELMENT AMOUNT Generally, settlement amount is to be received in one instalment. However, if party opts to make payment in instalments, then, party be allowed to pay settlement amount in monthly instalments, but in any case repayment period would not be beyond Feb., 2007. Interest @ 13% p.a. shall be charged from the first day of the following month of the date of settlement on balance settlement amount. 7. RESTRICTIVE CLAUSE a) The case, where the account has already squared up shall not be re-opened. b) The cases already decided by Empowered Settlement Committee but last date of payment in terms of decision of settlement committee has not expired shall not be eligible under the scheme. The cases in which last date of payment has expired will be settled on the balance unpaid amount as settled earlier plus interest @13% per annum on balance amount. c) In any eventuality, the cases having sanctioned amount above Rs.0.50 lac upto Rs.1.00 lac shall not be settled below principal sum plus other money on the date of settlement and cases having sanctioned amount above Rs.1.00 lac upto Rs.2.00 lac shall not be settled below principal sum plus other money and interest equal to 15% of principal amount on the date of settlement. d) In cases where other money is more than the principal sum then other money equivalent to principal sum on the date of settlement may be taken. e) Effect of settlement will be given only after full amount of settlement has been recovered. f) The cases that have already been settled under the existing scheme(s) shall not be re-opened and recovery in those cases will be made as per terms of the settlement. 8. DISCRETIONARY POWERS OF CMD In case of any difficulty in implementation/interpretation of the scheme or any clarification or relaxation is required, CMD's decision will be final. CMD is authorized to allow registration/extension in making payment of settlement amount beyond the cut off date, if required, depending upon merits of the case. For further
queries and details kindly contact Branch Offices/ Regional Offices or
Head Office of the Corporation |
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