The Hindu Business Line : 233 applications for Special Tea Fund

"There was a long queue in our office till late in the evening on the April 30 to submit the applications, and we're expecting many more applications," said a spokesman of Tea Board. Over 500 gardens belonging to more than 300 tea companies have expressed their interest in the scheme.

The April 30 deadline was set for those planning re-plantation and rejuvenation in June. For others, there is still time. The scheme has been liberalised in the sense that an applications can now be submitted, even to the nearest field office of Tea Board, 75 days before the commencement of the filed activity for which financial assistance will be sought. "We've made the scheme open-ended," the spokesman observed.

Loan status

The spokesman, however, could not estimate the probable loan requirement of the applications received so far. "The applications are being scrutinised and it is possible that not all of them will be eligible for loans," he said, pointing out that the after scrutiny, the applications would be sent to the SBI Capital Markets for appraisal.

"The actual loan disbursement will depend on the appraisals by the SBI Capital Markets," he said. It might be noted that the loan requirement for 2007 has been estimated at Rs 167.56 crore and subsidy at Rs 89.64 crore.

It is learnt that there is a plan to disburse the first round of loans on June 25. A total of 2.12 hectares, covering gardens which are very old and therefore, in urgent need of re-plantation and rejuvenation, are targeted under SPTF.

"Since SPTF will be in force for 15 years, we'll be able to cover the targeted areas," the spokesman observed. " A beginning has just been made".

The Minister of State for Commerce, Mr Jairam Ramesh, might personally hand over the relevant papers to the beneficiaries concerned at a function proposed to be held in Guwahati.