| (i) |
SCAs are to utilise funds drawn from the NSFDC with in 90 days
from the date of Disbursement of funds. |
| (ii) |
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.
|
| (iii) |
NSFDC funds not utilised by the SCAs within 90 days from the
date of Disbursement by NSFDC shall attract interest as follows:- |
| (a) |
If the cumulative utilisation level as at the end of proceding
financial year is less 80%, interest on unutilised funds equivalent to 4% p.a.
over the above normal applicable interest rate shall be levied on funds
utilised beyond 90 days, for the entire period including aforesaid 90 days,
during which the funds remained unutilised. |
| (b) |
Notwithstanding above, funds that are not utilised at all and are refunded,
shall also 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.
|
| (c) |
The SCAs shall be exempted from levy of interest on Unutilized funds, if
their cumulative funds utilisation at the end of preceding financial year is
80% or more. |
|
(b) SUBMISSION OF PROGRESS REPORTS
The SCAs shall send scheme-wise quarterly progress reports (QPR)
on the utilisation 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.
(c) RECALL OF THE UNUTILISED 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 as stipulated in Clause 14.1 above, 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.
