Mukhyamantri Aarthik Kalyan Yojana

About Mukhyamantri Aarthik Kalyan Yojana

On 1st August 2014, the Department of Industrial Policy and Investment Promotion, Government of Madhya Pradesh introduced the “Mukhyamantri Aarthik Kalyan Yojana”. It is meant to give Scheduled Caste beneficiaries in the Below Poverty Line (BPL) category low-cost equipment and/or working capital, with the benefit offered for setting up new industries/businesses etc. Implementation of the scheme: The Managing Director, MP State Cooperative Scheduled Caste Finance and Development Corporation Limited, Bhopal will act as the nodal agency, together with the Chief Executive Officer/Executive Officer of the scheme working through the District Endeavour Cooperative Development Committees. The Scheduled Caste Welfare Department will provide suitable funds for the scheme in its departmental budget, on the basis of which the District-wise Managing Director, Madhya Pradesh State Cooperative Scheduled Castes Finance and Development Corporation Limited, Bhopal will fix the physical and financial targets. Financial Flows: Once the loan is disbursed and the unit is set up, the bank branch will claim the margin money assistance and interest subsidy on the project cost from the Chief Executive Officer/Executive Officer of the concerned district’s District Antyavasayi Sahakari Vikas Samiti limited. Miscellaneous:

• The term bank covers every nationalized bank, cooperative bank and regional rural development bank.
• A beneficiary who gives false/misleading information or obtains assistance improperly may face criminal action.
• If the beneficiary defaults on repaying the loan/interest, assistance already given under the scheme can be recovered as arrears of land revenue, and no further assistance will be paid in such a case.
• The Managing Director, Madhya Pradesh State Cooperative Scheduled Castes Finance and Development Corporation Limited, Bhopal has the authority to interpret/amend the scheme.

Definitions:

• Project cost means capital cost plus working capital.
• Margin money assistance is the support the government provides as the beneficiary’s contribution towards setting up the project.
• Moratorium refers to the initial suspension of debt recovery proceedings for 6 months after the venture begins.