Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme
in Assam
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Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme in Assam
Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme is a government scheme available to eligible residents of Assam.
Apply for Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme in Assam
Scheme Overview
The scheme aims to ensure long term financial sustainability of the Tea industry and incentivize Orthodox tea production over Crush, Tear, Curl tea. It provides interest subvention, production subsidies, plant & machinery subsidies, tax holidays to tea plantations and manufacturing units in Assam.
Eligibility Criteria
**General Eligibility**
- The applicant must be a tea plantation across all sizes
- The applicant must be a tea manufacturing unit manufacturing Crush, Tear, Curl Tea, Orthodox Tea, or Speciality tea including Green tea, Oolong Tea, White tea, Yellow tea and Purple tea
- The applicant must be located entirely in Assam
- The applicant must not have any part of the plantation or manufacturing facility located outside the State of Assam
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**Interest Subvention Specific Eligibility**
- The applicant must have taken loan from a Scheduled Commercial Bank or a Public Financial Institution.
- The applicant must have taken Working Capital Loan for activities directly related to plantation or manufacturing of Tea.
- The applicant must have Working Capital sanctioned or renewed on or after 1st April of the financial year in which claim is to be made (2023-24, 2024-25, 2025-26, 2026-27 and 2027-28).
- The applicant must not have loan accounts declared as Non-Performing Asset as per Reserve Bank of India guidelines on the date of filing claim.
- The applicant must not have availed any interest subsidy under any other scheme.
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Benefits
Benefit Amount: Interest subvention of 3% per annum on Working Capital Loan.
Maximum Claimable Amount: ₹20,00,000/- per annum per unit (garden).
Validity Period: Extended for five years till the end of the Financial Year 2027-28.
Applicable Financial Years: 2023-24, 2024-25, 2025-26, 2026-27, and 2027-28.
Disbursement Mode: Direct Benefit Transfer as reimbursement.
Claim Period: On completion of every financial year.
Required Documents
| # | Document |
|---|---|
| 1 | Working Capital Loan Sanction Letter |
| 2 | Bank Statement showing Working Capital Loan details |
| 3 | Interest Certificate from a Scheduled Commercial Bank or a Public Financial Institution |
| 4 | Self-Attestation regarding non-availing of interest subsidy under any other scheme |
| 5 | Loan Account Classification Certificate (confirming Non-Performing Asset status) |
| 6 | Tea Plantation or Manufacturing Unit Registration Documents |
How to Apply in Assam
Registration Process
Online Registration Process
Step 1: Visit the dedicated portal of "Assam Tea Industries Special Incentives" Scheme. Click on the "New User Registration" option.
Online Step 1: Visit the dedicated portal of "Assam Tea Industries Special Incentives" Scheme. Click on the "New User Registration" option.
Step 2: In the registration form, fill in basic details including name, mobile number, and email address. Create a username and password following the portal's password policy. Verify your mobile number through one-time password verification. Comp…
Online Step 2: In the registration form, fill in basic details including name, mobile number, and email address. Create a username and password following the portal's password policy. Verify your mobile number through one-time password verification. Complete Captcha Code verification. Submit the registration form.
Step 3: Check your registered email for the account activation link. Click on the activation link to activate the account. Log in to the portal using registered credentials.
Online Step 3: Check your registered email for the account activation link. Click on the activation link to activate the account. Log in to the portal using registered credentials.
Step 4: Upload all supporting documents of eligibility in the prescribed format. Fill in complete unit details, including location, type of tea production, and capacity. Submit the unit registration form. Wait for registration approval.
Online Application Process
Step 1: Log in to the portal using registered credentials. Navigate to the "Apply for Benefits" section. Select the scheme component that you intend to apply for.
Online Step 1: Log in to the portal using registered credentials. Navigate to the "Apply for Benefits" section. Select the scheme component that you intend to apply for.
Step 2: Fill in the prescribed application form with all mandatory fields. Upload all supporting documents as mentioned in the portal. Ensure file formats and file size restrictions are followed as per the portal guidelines. Review all entered inf…
Online Step 2: Fill in the prescribed application form with all mandatory fields. Upload all supporting documents as mentioned in the portal. Ensure file formats and file size restrictions are followed as per the portal guidelines. Review all entered information for accuracy.
Step 3: Upload documents in the specified format and size. Ensure all documents are clear and legible. Complete document verification checklist.
Online Step 3: Upload documents in the specified format and size. Ensure all documents are clear and legible. Complete document verification checklist.
Step 4: Review the complete application before submission. Apply online.
Online *Note down the application reference number. Save a copy of the submitted application form. *Applicants are strongly encouraged to save a copy of the submitted application, confirmation message, and application reference number for future reference and tracking purposes. Verification Process
Step 1: Application is automatically routed to the concerned bank Bank verifies the amount of interest at 3%, borrower credentials, loan account classification as Standard, and interest servicing status. The Bank approves the application on the po…
Online Step 1: Application is automatically routed to the concerned bank Bank verifies the amount of interest at 3%, borrower credentials, loan account classification as Standard, and interest servicing status. The Bank approves the application on the portal.
Step 2: After verification, if claims are found in order, the Commissioner, Industries & Commerce Department forwards claims to the Finance Department. The Finance Department processes the claim for online reimbursement through Direct Benefit Tran…
Online Disbursement Process The Finance Department releases the subsidy amount directly to the beneficiary's bank account. Short Message Service alerts sent for funds disbursement. The beneficiary receives the Direct Benefit Transfer in a registered bank account. Application Status Tracking Log in to the portal to check application status. Track application progress through different stages of verification. Receive Short Message Service alerts throughout the process, including registration, fund release, etc. Important Deadlines Claim on completion of every financial year. *For Technical Support, please write to [email protected].
Common questions in Assam
Who can apply for Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme in Assam?
Eligible residents of Assam who meet the scheme’s overall criteria can apply for Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme. Refer to the eligibility section above for the complete checklist.
What documents are required for Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme in Assam?
Applicants in Assam typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
Frequently Asked Questions
Tea plantations of all sizes are eligible to apply for this benefit, with no minimum or maximum size restrictions specified. <br>