Economic activity

No need for repeated registrations by entrepreneurs seeking additional loans on the same property: MK Stalin

The Tamil Nadu government will abolish the practice of repeated registrations of Memorandum of Deposit of Title Deed (MoD) each time an entrepreneur obtains an additional loan by pledging the same property, Chief Minister MK Stalin has announced. He also announced the establishment of TIDEL Park in Madurai at a cost of ₹600 crore in the first phase.

It inaugurated new programs to facilitate faster development of micro, small and medium-sized enterprises in the state in Thol Koduppom Thozhilkku The Madurai Regional Conference was held in Madurai on Friday.

“Entrepreneurs had to go to the Under Registrar’s office for MoD registration of the property every time they got an additional loan. This not only wasted time but also delayed getting loans. To alleviate these difficulties, the practice of repeatedly registering MoDs, while obtaining an additional loan on the same property will be removed,” he said.

The Chief Minister has inaugurated an online service for registering and canceling MoDs. It allows bank managers and contractors to perform registration and cancellation of MoDs without having to be physically present at the office of the sub-registrar and saves time. This would benefit 6.5 lakh entrepreneurs and those who get housing loan and agricultural loan every year. The state government amended the Tamil Nadu Registration Act accordingly.

Mr. Stalin also inaugurated an online service for MSME entrepreneurs in SIDCO industrial zones to obtain 12 services, including certificates of no objection for bank loans and connection to electricity, water connections and the deed of sale.

To mark the inauguration of COVID Assistance and Relief to Entrepreneurs (CARE) which provides loans to MSME units that were affected during the COVID lockdown and were unable to obtain bank loans, he gave a check of Rs. 8.80 lakh to the first beneficiary. The state government has allocated Rs. 50 crores under CARE.

The Chief Minister added that Rs. 20.13 crore loan has been disbursed to 81 MSMEs without any collateral under the Tamil Nadu Credit Guarantee Scheme since the scheme was launched last month.

School Innovation Development Program:

A Memorandum of Understanding was signed between the Indo-American Chamber of Commerce and FaMe TN in the presence of the Chief Minister to provide training to MSMEs on the adoption of technologies for sustainable development.

The Chief Minister also launched the “School Innovation Development Scheme” which would be jointly implemented by the Tamil Nadu Entrepreneurship Development and Innovation Institute, Department of School Education and UNICEF.

A total of 1.56 lakh students in class 9 to 12 in all government and aided upper secondary schools and 3,120 teachers would be sensitized on entrepreneurship. The top 40 innovative ideas from student groups would receive Rs. 25,000 to Rs. 1 lakh cash prizes and certificates.

Awards to the best entrepreneurs in various categories and to the banks that granted the highest amount of loans to MSMEs were awarded on this occasion.

Besides ministers, Madurai MP Su. Venkatesan, MPs A. Venkatesan and M. Boominathan, Madurai collector S. Aneesh Sekhar were present.