Export market development to assist local entrepreneurs.

In order to encourage local entrepreneurs to improve their export market and support Goan industries to establish their goods firmly while generating growth and employment, the state directorate of industries, trade and commerce runs the Goa state export market development scheme. This week we look at the procedure to accrue benefits from this scheme.

Eligibility criteria

Only those units set up in Goa and permanently registered or acknowledged with Entrepreneurs Memorandum II by the directorate of industries, trade and commerce are eligible under this scheme

The units should be in operation for a minimum period of three years

The units should have import/export code (EXIM) issued by the Reserve Bank of India or by any competent authority approved by the government of India

The total turnover of the units for the preceding three financial years should not exceed 10 crore

Quantum of assistance

Under this scheme, interest-free loan up to 5 lakh is provided to industrial units for participation in exhibitions or for market study tour abroad

Documents required

Application form available at the office of the directorate of industries, trade and commerce

Two photographs of the applicant

Documents in support of proof of residence (copy of ration card, voter ID card or utility bill in applicant's name)

Copy of applicant's PAN card

Income tax return details for past 3 years

Audited balance sheet for the previous 3 years

Copy of permanent registration certificate

Copy of import/export goods certificate

A detailed report of the exhibition or market study tour (to be submitted to the directorate upon return)

Procedure for application

The interested units shall apply to the directorate of industries, trade and commerce in the specified form at least 30 days prior to the study tour or exhibition

A task force committee then scrutinizes the applications and selects the units along with the quantum of benefits under the scheme

Repayment procedure

The total loan availed under this scheme is to be repaid over a period of five years in equal half-yearly installments

Delay in payment carries an interest of 14% per annum over the sanctioned loan amount

Points to remember

The applying units submit collateral security equivalent to the quantum of contribution sought or to the tune the unit is eligible. In case of failure to repay, the security so produced is forfeited

The selected units also need to furnish post-dated cheques for repayment of the installments, and in case of non-realization of any of the cheques he/she shall be liable for prosecution under the existing provision of law

One unit can avail the benefits of this scheme only once in its lifetime

If the original units have already availed benefits under this scheme, the sold or transferred units are not eligible for reapplication


Source : timesofindia.indiatimes.com