The Indian government initiated the process of settlement of Rs 3,000 crore dues related to some 'blackout and left-out' cases which found no mention in the Amended Technology Upgradation Fund Scheme (ATUFS) which has come as a big relief for textile sector.
Confederation of Indian Textile Industry (CITI) Secretary General Binoy Job said that the quantum of liabilities under the blackout and left-out period cases was around Rs 3,000 crore.
The settlement of the committed liabilities had been a grey area after the government did not mention anything about it when it notified ATUFS for textile sector last week.
The Union Cabinet approved the ATUFS in December in place of the Revised Restructured TUFS (RRTUFS) for technology upgradation of textile industry, a move expected to boost job creation and exports in the sector.
During 2010-11, the RRTUFS was suspended for 10 months but eventually restored as a closed-ended scheme and restricted to future sanctions and committed liabilities reported by banks for sanctions already issued.
According to industry officials, the closed ended scheme was introduced without sufficient notice from the government for preparation on part of lending institutions.
Those who had invested in those 10 months in the so-called blackout period were left out and are still awaiting a decision on the eligibility of TUF scheme.
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