The PUDUCHERRY STATE AID TO INDUSTRIES ACT, 1970
puducherry · 1971
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The Act came into force on the first day of April 1971 vide Notification in Gazette No
- S. 2Section 2 defines key terms used in the Puducherry State Aid to Industries Act, 1970.
- S. 3The section allows the government to appoint an officer to carry out the Director of Industries' duties.
- S. 4Section 4 establishes a Board of Industries to advise the government on applications for state aid under the Act.
- S. 5Section 5 restricts government aid for industrial businesses to that specified in the Act.
- S. 6Section 6 outlines the types of industries eligible for state aid and conditions for joint stock companies receiving aid.
- S. 7Section 7 authorizes the Government to provide financial aid to industrial businesses through loans, subsidies, shares, grants, and concessional utilities.
- S. 8Section 8 outlines the application process and review procedures for industrial loans and aid in Puducherry.
- S. 9Section 9 limits loans to 75% of net asset value, secured by collateral, with additional loan-funded assets considered in valuation.
- S. 10Section 10 secures loans under the Act with business assets or collateral and allows interest-free loans under certain conditions.
- S. 11Section 11 prohibits the transfer of property used as security for loans or grants under the Act without the sanctioning authority's written permission.
- S. 12Section 12 protects specified properties from legal attachment or sale without prior written permission from the sanctioning authority.
- S. 13Section 13 mandates loan applicants and grantees to comply with government inspections, audits, and training requirements for industrial businesses.
- S. 14Section 14 allows the government to control businesses receiving loans of rupees two lakhs or more to safeguard its interests.
- S. 15Section 15 outlines the repayment terms for loans granted under the Act, with a maximum repayment period of 20 years.
- S. 16Section 16 mandates government investment in industrial businesses to comply with inspection and control provisions.
- S. 17Section 17 mandates repayment of state aid if industrial business exceeds a fixed rate, otherwise profits remain with the business.
- S. 18Section 18 limits profit distribution and mandates excess profits to be added to a reserve fund for government-approved use.
- S. 19Section 19 authorizes the Government to grant aid and sanction loans up to ₹10,000 for cottage or small scale industries.
- S. 20Section 20 allows the government to review and modify decisions of subordinate officers if they find irregularities or errors.
- S. 21Section 21 allows recovery of unpaid dues under the Act as land revenue arrears, with surety reimbursement.
- S. 22The Government can exempt specific businesses from the Act's provisions if deemed not in public interest.
- S. 23(1) The Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act
- S. 24Section 24 allows the government to support industrial enterprises in various ways, including starting new businesses, purchasing products, and providing services or training.
- S. 25(1) The Arrete No
- S. 1970(2) It extends to the whole of the Union territory of Puducherry