Modification of operational guidelines issued in connection with release of part subsidy against Bank Guarantee (BG) under ATUFS and RRTUFS

Circular No.ES/313/2020-21                                   22nd August, 2020

 

To:  Members of the Council                                                                   

 

Sub: Modification of operational guidelines issued in connection with release of part subsidy against Bank Guarantee (BG) under ATUFS and RRTUFS

 

Dear Member,

 

We would like to inform you that O/o Textile Commissioner, Mumbai has issued Public Notice No.12/1/BG/POLICY/ATUFS/2020/TUFS/120 dated 19th August 2020 approving the following modified operational guidelines of Bank Guarantee (BG) Scheme under ATUFS/ RRTUFS:

I. To allow the Bank Guarantee issued by the same bank (sanctioned the term loan) irrespective of the branch by amending relevant Paras in the Operational Guidelines of ATUFS/ RRTUFS.

II. To fix the validity of Bank Guarantee for 12 months and extendable further, if necessary, under both ATUFS / RRTUFS without any condition of AUTO RENEWAL.

 

Now, O/o Textile Commissioner has issued instructions to the Regional Offices of the Textile Commissioner to implement the modified operational guidelines while processing the cases for release of part subsidy against Bank Guarantee. 

 

With regard to the above, the Chairman of the Council, Shri Ronak Rughani thanks the Hon'ble Union Minister of Textiles and the Textile Commissioner, O/o Textile Commissioner, Mumbai for hearing Council's request for the removal of Auto Renewal Clause (Point No 4) in the Bank Guarantee Format under ATUFS, and also, extension in the tenor of BG.

 

Members may kindly make a note of the above.

 

Thanking you,

 

Yours faithfully,

 

S. BALARAJU
EXECUTIVE DIRECTOR

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