Assam cabinet approves Rs 1800 cr to waive microfinance loans

GUWAHATI, Sept. 30: The Assam government held a cabinet meeting in Dhemaji Thursday and approved Hindustan Paper Corporation Ltd (HPCL) waiver of Rs 1,800 billion microfinance loans from female borrowers.

In an address to media representatives after the cabinet meeting, which took place for the first time outside of Guwahati under his leadership, Prime Minister Himanta Biswa Sarma said that 1.800 billion loans had been granted.

“The cabinet has also approved a package of Rs 700 crore for the two HPCL mills. Of this amount, 570 billion rupees will be the aid package to pay the salaries and other dues of 1,100 employees, ”said Sarma.

The amount of the aid package is determined on the basis of the pension fund, the gratuity, the pension, the salaries and other levies that have been applied for and recognized by the insolvency administrator.

“The remaining amount will be used to pay other bills such as electricity bills and payments to the liquidator,” he said.

“School teachers, contract and cooperation employees from HPCL are also relieved. The state government will help workers who have not yet completed their service to find jobs in the new industries that are to be settled on the HPCL land in the future, ”said the Prime Minister.

“The youngest 100 employees / workers at HPCL are provided with government agencies. HPCL doctors and paramedical staff will also be housed in government agencies, ”he said.

The cabinet also approved a Rs 10 billion fund to be set up for the welfare of HPCL workers.

The state government will approach the National Company Law Tribunal (NCLT) through the official liquidator to take over the assets of HPCL after performing due diligence.

Among other important decisions, the state cabinet decided to lift the upper limit for the release of funds from the state old-age and widow pension systems, to release the upper limit of all social assistance systems and to ensure the payment of the pension by the 10th of each month.

In addition, in view of the population growth in the existing cities of Silchar and Dibrugarh city councils, the city councils are being upgraded to municipal corporations in order to increase the flow of funds to these cities.

Separate law such as the Guwahati Municipal Corporation Act of 1971 will be drafted for both local bodies in due course.

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