Government of Haryana notifies Haryana MSME Revival Interest Benefit Scheme

May 15, 2020 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The State Government of Haryana on May 1, 2020, notifies the Haryana MSME Revival Interest Benefit Scheme, to facilitate industrial units in Haryana in retaining their employees in times of financial duress brought in by reduced economic activity because of COVID-19.

All the Micro, Small and Medium Enterprises (MSME) will be eligible for 100 percent interest benefits on loans availed for payment of the wages of employees and/or other expenses up-to a maximum of INR 20,000 per employee.

This Scheme will come into effect on the date of its Notification in the Government of Haryana official gazette.

For the eligibility of the units under the scheme the units shall have 80 percent of production level from the period of February 1, 2020 to March 15, 2020.They should have file EU/UAM with the competent authorities. There should be a running account of long-term loan or the working capital. In case of increment only the incremental benefit shall be obtained under the scheme.

The application of loan shall be submitted on the portal and other documents should be submitted to the competent authorities under scheme within 3 months of the lockdown period or till September 30, 2020. The applications shall be reviewed by the Joint or Deputy secretary and any deficiency in the application shall be informed within a period of 7 days to the applicant. The applicant shall rectify the same within 2 weeks otherwise the claim shall be rejected. the application shall be accepted, and notice shall be given within a period of 30 days.

In case of any false claims the unit shall be debarred from the assistance from State Government and shall return the assistance. In addition to this, compound interest of 12 percent shall be applicable.

[Notification No. 02/04/2020-1IB-II]        


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