Amendment status not verified — confirm the current text below against the official source.
Grant o f loan.— (1) The Director of Cottage Industries, Assam or any officer authorised in this behalf by the Government may sanction loans not exceeding such limit as may be prescribed and any loan bevond the competence of the aforesaid officers shall be sanctioned by the Govern ment. Loans upto Rs.20,000 only may be issued by the Cottage Industries Department. Applications for loans exceeding Rs.20,000 should ordinarily [Price 2 as. or 2 d.] be passed on to the State Financial Corporation for consideration. In cases, however, where the industrial concern is not found eligible for accommoda tion from the Corporation, the Cottage Industries Department may consider such applications upto a limit of Rs.50,000. (2) Loan may be granted for all or any of the following purposes, viz:— (i) For the purchase of a Small or Cottage industrial undertaking. (ii) For the erection of additional machinery or for replacing old machinery of a Small or Cottage Industry. (tw) For the development of a new or nascent Small or Cottage Industry, and (tt>) For providing the working capital such as the cost of raw mate rials, pay of operating staff, etc., of a Small or Cottage In dustry for a specified time.