Coir Industry Technology Up-gradation Scheme (CITUS)
The Coir Board is promoting the development of coir industry in the country. The Coir Board has introduced “Coir Industry Technology Up-gradation Scheme (CITUS)” which aims at giving away assistance to the entrepreneurs for upgrading and/or procurement of eligible Plant & Machinery for modernization and thereby establishing a new unit that is capable of making an application for the larger investment in the coir sector. The financial assistance provided under this scheme will be set at 25% of the total cost of admissible items of ‘Plant and Machinery’ that are procured by the Coir units. The maximum financial assistance provided under this scheme will be at Rs.2.50 cr per coir unit/project.
What is the nature of assistance?
The financial assistance provided under this scheme is 25% of the cost of admissible items of ‘Plant and Machinery’ procured by the Coir units for modernization, up-gradation or establishing a new unit. The maximum financial assistance will be of Rs. 2.50 cr per coir unit/project.
What is the eligibility of Coir Industry Technology Up-gradation Scheme (CITUS scheme)?
All coir production or processing units that are newly established are eligible to apply for this assistance. All coir production or processing units that are registered with the ‘Coir Board’ under ‘Coir Industry’ (Registration) Rules 2008 and are having ‘UDYOG AADHAR’ are eligible to apply for the financial assistance available under this scheme for modernization.
Are there any other conditions related to CITUS?
• Financial assistance should be within the investment limits prescribed for Small and Medium Enterprises under the MSME Act from time to time.
• On submitting the application, the officers of the Coir Board will inspect the unit, verify the documents and finalise the quantum of assistance as per the guidelines.
• The equipment and motors should meet minimum standards of BIS which are prescribed from time to time.
• The upper limit for this assistance is Rs.2.5 crores.
• The machinery/equipment procured can be sourced from the choice of entrepreneurs with a valid invoice with GST details. Machinery can also be imported for which the unit shall substantiate the reason for the import of machinery.
• The suppliers should give a guarantee for at least two years.
• The entrepreneurs should not have availed any financial assistance under Central Government subsidy under PMEGP, CUY, DPI, TUF etc. for the same purpose.
• If the original documents are with banks on hypothecation, the application can be attached with the copies duly attested by the Manager of the bank.
• The selection of beneficiary shall be purely on merits and the rankings given by the “Project Steering Committee.”
Who is the Nodal agencies?
Coir Board, Kochi is the Nodal Agency.
Leave A Comment