The Hindu Business Line : AP to amend Chit Fund, VAT Acts

The Andhra Pradesh Cabinet has approved Government guarantee for loans from Power Finance Corporation and Rural Electrification Corporation to support power schemes of AP Transco and amendments to the AP Chit Fund and AP VAT Acts.

The Council of Ministers approved guarantee for Rs 300 crore loan from Power Finance Corporation and a Government guarantee for Rs 135.90 crore of the Rs 453-crore loan from Rural Electrification Corporation. AP Transco has documented eight schemes utilising Government guarantee.

Alongside, the Cabinet approved amendment to the AP Chit Fund Act prescribing new norms in terms of minimum paid-up capital, imposition of restriction on chit fund companies not to conduct any other finance business, and prescribing disputes settlement mechanism adopting the provisions of the Central Chit Fund Act 1982, through the Registration Department.

The other amendment relates to the AP Value Added Tax Act that empowers the Government to order for refund of excess paid input tax credit remaining unadjusted from the tax payable by the dealers earlier than the time schedule of 90 days prescribed for exporters, which is one year for others.

PACKAGE FOR FARMERS SOON

According to sources, the Chief Minister, D. Y.S. Rajasekhara Reddy, informed his Cabinet colleagues that a special package of Rs 15,000 crore to stop suicide by ryots would be announced by the Centre. A communication to this effect has been received from the Centre.

This package would be similar to the one announced by the Prime Minister, Dr Manmohan Singh, during the recent Vidharbha visit and was not announced due to the model code of conduct in force as the Panchayat Raj elections process is under way.

More Stories on : Policy | Andhra Pradesh | Farm credit

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