OFFICIAL GAZETTE — GOVT. OF GOA 855

SERIES I No. 28

( EXTRAORDINARY )

13TH OCTOBER, 2006

855

stakeholders. The borrowers who availed

credit facilities, for acquisition of barges,

trucks, tippers and mining machinery/

/equipment operating in the mining sector,

from various Financial Institutions (Public,

Private, Co-operative Societies, NBFC’s and

EDC) have been unable to meet their

repayment commitments. The NPAs (Non-

-performing Assets) of the Banks/Financial

Institutions pertaining to the mining loans

the restoration of the mining activities. They

have honoured the request of the Government

and desisted from taking action and

considered rescheduling and settlement of

some loan accounts of the borrowers by

granting waiver.

The Financial Institutions have now agreed

to consider one time settlement of the loans of

the borrowers in the mining sector and

accordingly are working out One Time

banks and are in financial distress. The

Hon’ble Chief Minister in his Budget Speech

had announced financial assistance and

provided an amount of Rs. 150.00 crore as

mining relief fund to support the mining

affected people. In addition to the assistance

of Rs. 150 crore, a provision of Rs. 250 crore

has been made in the Supplementary Budget

for the Debt Relief Scheme. The Government

has decided to extend subsidy to borrowers

(ii) The scheme shall come into force from

the date of its notification in the Official

Gazette. The scheme shall remain in force for

a period of six months or such further

856

extended period as may be notified by the

Individual/Partnership Firm who have availed

term loan from any Financial Institution

located in Goa for purpose of purchase of

before 30-09-2012 for using in the mining

activities in the State of Goa.

(ii) “Financial Institution” means any

Nationalized or Private bank or Co-operative

bank located in Goa including EDC Limited,

(iii) “Outstanding” means the outstanding

loan amount of the borrower with the

Financial Institution, as on 30-09-2012 or as

on 30-06-2014, whichever is lower.

(iv) “Subsidy” means the financial

assistance extended by the Government as

its contribution towards the One Time

Settlement offered by the Financial Institution

and accepted by its borrower.

(vi) “Settlement Amount” means the

amount calculated by the Financial Institution

as per its OTS Scheme for settling of the loan

liabilities of the borrower, after granting the

waiver.

(vii) “Screening Committee” means the

Screening Committee constituted under the

scheme.

III. Eligibility.— The borrower shall fulfill

the following conditions to be eligible to avail

(i) The borrower should have availed

loan from any Financial Institutions on or

before 30-09-2012 for purchase of Truck/

/Tipper/Barge/Mining machinery for the

purpose of mining activities within the

State.

(ii) The borrower should apply for and

avail the OTS Scheme from Financial

Institutions against their outstanding loans

borrower per family under only one of the

(ii) The Government shall deposit required

funds with EDC to finance the Scheme. EDC

857

may alternatively raise funds as directed by

the Government. All such borrowings along

incurred by the Nodal Agency shall be

reimbursed by the Government.

(iii) The Nodal Agency shall maintain these

funds in a separate bank account and release

the payments to the Financial Institutions

(5) The Nodal Agency shall then

communicate the approval of quantum of

(6) The borrower shall pay the balance

settlement amount (excluding the subsidy) to

the financial institution.

(7) After receipt of the balance settlement

amount from the borrower, the Financial

VII. Other Terms and Conditions.— (i) This

scheme shall not be applicable to borrowers

engaged in Mining/Extraction/Trading of

Minerals/Lease holders.

(ii) The maximum of subsidy to an

individual in any capacity as a member of a

family or a sole proprietor or a partner in a

partnership firm shall not exceed the

maximum amount of subsidy allowed under

borrowers of Financial Institutions who have

858

shifted their barge/truck/tippers/machinery/

/equipment outside Goa.

(v) The loan extended by the Financial

Institution shall not include loan against

Fixed Deposit Receipts.

(vi) The outstanding amount of the

borrower calculated by the Financial

Institution shall not include any interest dues

(vii) The Financial Institutions shall not

(viii) Each Financial Institution shall

thoroughly examine the eligibility of each of

(ix) In case the Financial Institutions

claiming the benefit on behalf of the borrower

under this scheme, are found at a later date to

have claimed the same in violation of the

Institution per annum and shall become

recoverable as arrears of land revenue.

foreclose the scheme before expiry of the time

period.

VIII. Monitoring of the Scheme.— (i) The

Nodal Agency shall submit monthly report of

implementation of the scheme to Secretary

(Mines).

By Order and in the name of the

Governor of Goa.

Geology/Ex-Officio Joint Secretary.

Name: _________________________________________________________________________________________

Address: _______________________________________________________________________________________

___________________________________________________________________Pin code: ____________________

Date: _______________

CERTIFICATE

I/We hereby declare that the particulars given in the attached application form are furnished for the

purpose of securing subsidy from EDC Limited under DEBT RELIEF SCHEME FOR MINING AFFECTED

BORROWERS OF THE STATE OF GOA and are to the best of my/our knowledge and belief true and

correct, and that no material fact(s) has/have been concealed or withheld.

859

860

861

862

863