Govt to waive loans given under CM's Self Employment Scheme

GANGTOK, 04 Jun:

The State Cabinet today cleared the proposal of Commerce and Industries Department to waive loans provided under the Chief Minister’s Self Employment Loan Schemes as promised by the Chief Minister during his 2014 election campaign. The matter had also been raised in the last assembly session by lone Independent MLA, RN Chamling.

As per the approved cabinet proposal, the state government has taken the decision that loans below Rs.50,000 given under CMSES shall be borne as subsidy from the Government, exempting both principal and the interest.

With the waiving of the CMSES loans, the state government will have to bear losses of Rs. 94 crore in principal amount, according to sources.

The proposal further said that loanees under Chief Minister's Self Employment Scheme category who later secured government employment shall also be exempted from payment of interest as subsidy from the Government provided the principal amount is paid within a period of two months. The grace period of two months shall be counted from the date of publication of Government Notification in Sikkim Herald and other local newspapers.

The Cabinet has also directed the SIDICO Board to adopt the said Government directive for the benefit of existing stressed beneficiaries of CMSES.

Besides this, the state government has cleared as much as five amendments to legislations that are to be tabled in the next Assembly session which will commence from 08 June.

The state government has also approved the Sikkim Regulation of Societies, Associations and other Voluntary Organisations (Amendment) Bill, 2018 for introduction in the ensuing session of the Assembly. Similarly, the draft Bill on amendment of Sikkim Legislative Members (Payment of Pension) Act, 1984 and draft Bill on amendment of Sikkim Ministers, Speaker, Deputy Speaker and Members of Legislative Assembly (Salary and Allowances) Act, 1977 for introduction of the Bills in the ensuing session of the Assembly.

As promised and declared, the Cabinet has also approved Draft Bill on amendment of the Sikkim National Law University Act, 2018 and the Draft Bill on amendment of the Sikkim Panchayat Act, 1993 for 20% reservation of seats in the Panchayat Bodies for Bhutia and Lepcha communities. Reservation of BL community in Gram Panchayats and Zilla Panchayats is also come up in the summer session of the Assembly.