The one-time settlement scheme, which is part of the rehabilitation package announced for the private cashew industry sector, has been extended for an additional year. This scheme now includes accounts that have become bad debts until March 31, 2021. The previous deadline of December 31, 2022, has been extended to December 31, 2023.

Under this scheme, businessmen with loans exceeding ₹2 crore will only need to repay 60% of the total amount. In cases where the loan amount exceeds ₹10 crore, approval from the board is required to settle the loan by repaying 60% of the outstanding amount. The prescribed settlement amount must be paid within 3 months of the application. If necessary, an additional 3 months of relaxation will be allowed.

Last updated on :25-05-2023