Special provisions for remission of Penal Interest in one time settlement cases

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    Chandigarh, February 7:- Chandigarh Child and Women Development Corporation Limited has decided to make special provision for remission of Penal Interest in one time settlement cases and enhancement of Loan limit. The decisions were taken in a meeting chaired by UT Home Secretary, Mr. Krishna Mohan.

    Concession for the remission of Penal Interest would be given to the beneficiary(s) who come forward to make payment of outstanding amount due against them and settle their account. Even there is probability of waiving off 100 percent Penal Interest in cases where the borrower intends to settle his/her account finally under one time settlement.

    The committee has resolved for enhancing the loan limit up to Rs. 40,000 that too with immediate effect. Surety required for loan exceeding Rs.10,000 but less than Rs. 40,000 would be that the loan seeker should be regular employee of Government/ semi- government/ Autonomous body/ Board/Bank/ Corporation and his/her date of retirement should fall after five year of the disbursement of loan.

    The criteria for the surety of loan up to Rs 10,000 was decided as the personal surety of any income tax payee or personal surety of any person having immovable property at Chandigarh.

    Director, Social Welfare Department, Ms. Amandeep Kaur, Principal Home Science College, Ms. Sukhvarsha Narula, AGM, NABARD, Ms. Harita Madan Marwaha, Dr. Raj Kumar Gupta and Section Officer, Mr. Mohan Lal were also present in the meeting.