Q) Q) Subject to the provisions of sub-rule (2), every loan together with interest thereon shall be re-payable in seven annual equal instalments, the first instalment falling due after two years from the date of disbursement of the last instalment of the loan.
Notwithstanding anything contained in sub-rule (1) or rule 21 where a borrower fails to pay the first or any other instalment of the loan on the date on which it falls due, the State Government may upon the request of the borrower.
(i)either grant ayearly or half yearly extension not exceeding two years to the date of paymentof any instalment in exceptional circumstances and upon the recommendation of the authority which sanctioned the loan, subject to the condition that the totalperiod of loan shall, in no case exceed ten years from the date of its disbursement or from the date of the payment of the last instalment, or
(ii) Treat the balance of the entire amount of outstanding loan plus penal interest as under Rule 21 asa fresh loan in hard and excep- 1493 tional cases subject to the condition that the loanees have utilisedthe amount of loan but failed to make Tepayment of loan instalment/instalments and are willing to pay the fresh loan on thefollowingconditions :-—
(a)
(b) {e)
(dq) {e)
(f) That the borrower shall have to executed a fresh agreement inform XVII as soon as sanction of re-scheduling of loan is issued by Government.
that the amount of the fresh loan shall be repayable in seven annual equated instalments, the first instalment falling due upon the expiry of one year from the date of the fresh agreement, and the total period for the repayment of loan shall, in no case, exceed eight years from the date of the said fresh agreement, that the fresh loan shall carry interest under rule 20 and wherethe borrower further fails to repay any instalment of the fresh loan on the due date as aforesaid he shall further be liable to pay penal interest under rule 21, unless the Government waives the whole or Part of the penal interest in case of hardship.
that a fresh security shall be furnished by the borrower for the fresh loan in Form XVIII where the amount treated as fresh loan does not exceed Rs. 1,000/- in form XIX where this amount exceeds Rs. 1,006- (but does not exceed Rs. 5,000/- to be Secured by one or two sureties at the discretion of the State Government and in form XX where the amount exceeds Rs.
5,000/- and the provisions of rules 11, 12, 13, 14 and 15of the said rules shall as far as may be apply to these securities.
that the borrower shall forefeit the benefit conferred upon him under clause (ii) or this sub-rule, if he makes any default on the due date, in the repayment of any instalment of the fresh loan and where he makes such default, the whole amount remaining due shall become recoverable at once under rule 21 as if the agreement executed, as aforesaid, has ceased to have effect;
that the borrower shall bear the expenses of the execution and registeration of and the stamp duties payable on the agreement and security deeds to be executed under thisclause;
1494 {g) that upon the execution of the agreement and security deeds specified under this clause, the documents executed under rules 11(1), 11(2) and 15 and in Forms V, VI and XII shall cease to have effect,
(h) that subject as aforesaid, all the provisions of these rules shall apply asif the amount repayable under the agreement executed under this clause were a fresh loan granted under these rules.
43) In case of loans advanced from the funds allotted by the Government of India for the loan together with interest thereon shall be repayable in 15 annual equated instalments, the first instalment falling due on the first anniversary date of drawal or in such period and instalments as may be decided by the Government of India
(4) Nothing contained in sub-rules (1) and (2) shall prevent the borrower to repay the loan or any part of it on the earlier dates or in larger instalments than specified thereunder.
(6) The amount of the instalments of the loans repayable under sub-rules (1)
(2) along with the interest accured due thercon, to be recovered annually, shall be fixed in whole rupees except in the case of last instalment when the balance shall be recovered.
19. A- Authorities and persons to grant extention under Rule 19. :— The power to grant extension shall be excersised by the Authorities in the following manner :— Ss. Power of granting By whom No. Extention
1. Power allow extentions upto 1, By the Director, Industries the period Ist eighteen in respect of instalments months in the date of repay- upto Rs, 2500/~ ment of instalments.
2. Power to allow extention 2. By Administrative Departfor the next Six months for ment in respect of instalrepayment of subsequent ment exceeding Rs. 2500/- instalments, with the concurance of FD.
1495 20, Rates of Interest Payable :—
21.
22.
(1) The rate of simple interest payable in Tespect of a loan granted under these rules shall be 10% subject to rebate of 2% for timely repayment perannum for individuals and Industrial Undertakings and 94% per annum in the case of Industrial Co-operative Societies, provided that interest at market rate shail be payable in respect of loans exceeding Rs. 50,000/- if granted under these rules to individuals and Industrial Undertakings.
(2) The interest at the rates specified in sub-rule (1) shall be charged on the balance of the loan outstanding on the last day of each year,
(3) For the extended period beyond 12 months interest shall be charged at the rate of 8% more than the rate at which loan isgranted.
(4) In case of loans advanced from the funds allotted by the Government of India for the rate of interest shall be charged @ 24% per annum from the individual entrepreneurs or at such rate of interest as may be decided by the GovernmentofIndia from time to time.
Recovery of loans in default of instalments :-— Where the State Government ‘does not accommodate the borrower under sub-rule (2) of rule 19 and if any instalment or part there of the amount of the loan along with the interest accured due thereon, remains unpaid after the due date, such moneys with costs, ifany, or if so directed the Director of Industries, Rajasthan for reasons or continuing default, the entire balance of the loan with costs, if any, and the amount of interest till them accrued due thereon, shall be recovered with simple interest at the rate of 12% per annum from the date of such default till the date of actual repayment under the provision of Rajasthan Public Demand Recovery, Act 1952; provided that if the Government is satisfied hat recovery of interest at the enhanced rate will cause undue hardship, it may waive the tecovery of the whole orafraction of the inter st at the enhanced rate.
Recovery of loan utilised for purpose for which it was not granted :—
(1) It shall be over all responsibility of the District Industries Officer/Deputy Directors of Industries/Assistant Registrar, Co-operative Societies concerned to see that all loan disbursed under these rules are expended for the purpose for which they were granted within a period of six months or within such further period not exceeding six months as may be extended by the authority by whom the loan was sanctioned, The district Industries Officers, Asstt, Registrar, Co-operative Societies, Deputy 1496 Q irectcrs of Industries concerned shall see that the necessary cerlificate in Form XIV of having utilised the loan within the time prescribed in this Rule is obtained from the loanee and forwarded to the Authority sanctioning the loan.
If it is found that a loan is not being applied to the purpose for which it was granted, the Director of Industries, Rajasthan on his own motion, or on the recommendation of the Managing Director, Rajasthan Financial Corporatioa, the Registrar, Co-operative Societies, Rajasthan the District Industries Officer or the Deputy Directors of Industries concerned, shall take action for the recovery of the entire toan or the balance thereof and all moneys outstanding against the borrower by way of interest and otherwise together with simple interest atthe rate of 12% per annum from the date of order of recovery under this sub-rule till the date of actual repayment.
23, Inspection and audit :— Q@) Q) The borrower shall permit the Director of Industries, Rajasthan or the Deputy Director of Industries or the Managing Director, Rajasthan Financial Corporation, or the Collector of District or District Industries Officer or the Assistant Registrar of Co-operative Societies concerned or the Accountant General, Rajasthan or any person authorised in this behalf by the State Government, at all reasonable times to inspect the prentises, account books, machinery plants, appliances, furniture stocks, stores and all other belongings and things concerned with the Industrial Undertakings in respect of which the loan has been granted to grant all reasonable facilitizs for such inspection or audit as and when conducted by the Accountant General, Rajasthan, or any officer authorised by him in this behalf.
The borrower shall submit to the authority sanctioning loans by the 15th day of January and 15th day of July, every year, half yearly reports regarding the working of the Industries containing detailed accounts showing how the loan amount has been utilised and generally stating how production and employment have been affected by the grant of loan.
24, Property acquired out of the loan to be properly maintained :— ag A building godown or warehouse, constructed or purchased or any machinery, plants appliances or furniture purchased out of the loat granted under these rules shall be maintained in good and efficient repair to the satisfaction of the authority sanctioning the loan.
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(2) The authority sanctioning the loan may on its own motion, or on the recommendation of the Deputy Director of Industries or the District Industries Officer of the district concerned, make order that any such building godown, warehouse, machinery, plant, appliances or furniture asare referred to in sub-rule (1) shall bz repaired, reconstructed, or renewed at the cost of borrower and if borrower fails to carry out such order, the loan or any balance thereof and all money outstanding against the borrower on account of such loans and interest due thereon shall become repayable atonce under the Rajasthan Public DemandRecovery Act, 1952,
25. Application of the general financial account rules :-— The rules contained in Articles 357 to 361 of General Financial and Accounts Rules as in force in the State of Rajasthan and relating to the conditions of repayment of loans, calculations of interest, default in payments thereof and enforcement of enhanced rates of interest on over due instalments shall apply to all loans advanced under these rules in so far as_ they are not inconsistent with these rules,