MoT streamlining procedures under A-TUFS!

0
16
MoT streamlining procedures under A-TUFS!

Ministry of Textiles (MoT) is streamlining procedures under the Amended Technology Upgradation Fund Scheme (A-TUFS). It includes a deadline extension for filing applications for verification, to make it easier for the industry.

A-TUFS, a credit-linked subsidy for capital investment, is one of the main schemes of the Government to promote investment and advance technology in textile and apparel industry.

As per a note of MoT, the units claiming subsidy can file application for physical verification after installation and commissioning of the machinery, within 2 years from the date of sanction of term loan, subject to production of documentary proof that the order for machinery was placed within 1 year.

Earlier, the units were required to seek approval for the second year from the textile commissioner for extension of timeline beyond 1 year with proof of placing order for machinery.

A relaxation has also been approved in the 88-day timeline prescribed in A-TUFS guidelines for carrying out physical verification of machinery.

This is designed to expedite the clearance of backlog verification cases under A-TUFS pending due to the pandemic.

This exercise will be completed by 30 June 2021.

It is worth mentioning here that as per official figures, in November 2020, 58 UIDs were issued with a project cost of Rs. 213.72 crore and subsidy requirement of Rs. 20.14 crore under A-TUFS.