The Government pays twice as much as the share capital raised from the members. The amount shall be utilized only for the purpose of purchase of raw-materials and for payment of wages to manual working members in the society. The amount is repayable to the Government on completion of 15 years from the date of receipt of the said amount.
Beneficiaries
Primary Power loom Co-operative Societies.
How to Apply
The application and supporting documents should be submitted by the applicant to the respective General Manager, District Industries Centre.
Eligibility
The society that has been revitalized and brought back to normal condition through profitable activity are eligible for government share participation.
Criteria
- The amount of share participation in a society shall be on the ration of 1:4 between members contribution to share capital and of the Government limited to the authorized share capital as per the bylaws of the society.
- The sanctioned amount can be deposited in a special account in any Co-operative Bank and can be withdrawn by check with the countersign of the District Level Authority or any officer authorized by him.
- The sanctioned amount must be used only for the purchase of raw materials required by the society and for the payment of wages to the workers of the society.
- The share certificate shall be forwarded to the Directorate of Handloom and Textiles within 7 days for sale custody