UTILISATION PERIOD & INTEREST RATES FOR UNUTILISED FUNDS:
SCAs are to utilize funds drawn from the NSFDC within 90 days from the date of Disbursement of funds.
NSFDC's funds actually released by the SCAs to the beneficiaries or advanced to the suppliers towards procurement of assets under the approved projects shall only be considered as funds utilised.
Funds that are not utilised at all and are refunded, shall attract and SCAs shall be liable to pay, a Rate of Interest. equivalent of 4% p.a. over and above the normal applicable rate of interest for the scheme under which the funds were disbursed, for the entire period, including the aforesaid 90 (Ninety) days, till the funds are refunded to NSFDC.
SUBMISSION OF PROGRESS REPORTS:
The SCAs shall send scheme-wise quarterly progress reports (QPR) on the utilization of the NSFDC funds as per prescribed format [as per Annexure-I]. The quarterly reports must reach NSFDC within 10 days from the close of each quarter.
RECALL OF THE UNUTILIZED MONEY:
Without in any manner diluting the responsibility of the SCAs to utilise the funds within the aforesaid period of 90 (Ninety) days and without prejudice to SCAs liability to pay interest, NSFDC may also issue Recall Notices for the amounts lying unutilised with the SCAs beyond 180 days from the date of disbursement by NSFDC, and it shall be the duty of the SCAs concerned to forthwith comply with the Recall Notice, failing which, without prejudice to any other rights available to NSFDC, NSFDC shall be entitled to withhold disbursement of any further funds to the defaulting SCAs.