The Ministry of Consumer Affairs, Food, and Public Distribution vide its notification dated 16th September 2020 has published the Sugar Development Fund (Amendment) Rules, 2020 to further amend the Sugar Development Fund Rules, 1983.
The Amendment is brought under rule 16 which deals with loan for modernization in which any sugar undertaking, which is approved by a financial institution for assistance under its relevant scheme for modernization and rehabilitation of its plant and machinery shall normally be eligible for loan under this rule and the repayment of loan under this rule together with interest shall commence after the expiry of one year from the date of repayment on institutional loan and interest thereon in full or on the expiry of a period of 3 years reckoned from the date of disbursement of fund loan, whichever is earlier.
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