J&K Cabinet approves 5% interest subsidy for flood hit traders

Jammu and Kashmir government has approved five per cent interest subvention to flood-hit traders with effect from 1st April this year. 

The subsidy will have a cap of five lakh rupees per affected business unit for a period of four years. The decision was taken at a Cabinet meeting chaired by Chief Minister Mehbooba Mufti in Jammu yesterday. 

Education Minister Naeem Akhtar told reporters that to ensure proper implementation of the interest subvention assistance



scheme, the Cabinet ordered constitution of a high-level Coordination Committee. 

The panel will be headed by Chief Secretary and comprising representatives of Relief Rehabilitation department, Finance department, Planning and Development department. 

He said the Cabinet sanctioned the second tranche of assistance proposed to be given to small traders and business establishments who have been given start-up incentive with turn over up to Rs 10 lakh.