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No need for repeated registration by entrepreneurs seeking additional loan on the same property: MK Stalin

Chief Minister MK Stalin announced that the Tamil Nadu government will do away with the practice of repeated registration of the Memorandum of Deposit of Title Deed (MoD) every time the same property is mortgaged and an additional loan is obtained. He also announced setting up of Tidale Park in Madurai at a cost of Rs 600 crore in the first phase.

He was inaugurating new schemes designed to facilitate rapid growth of micro, small and medium enterprises in the state. Thol Koduppom Thozhilakku The Madurai Regional Conference was held on 15 September in Madurai.

“Entrepreneurs had to visit the office of the sub-registrar for registration of the MOD of the property every time they got additional loans. This not only resulted in wastage of time, but also delayed in getting the loan. In order to reduce these difficulties, For this purpose, the practice of repeated registration of MoDs while availing additional loans on the same property will end,” he said.

The Chief Minister inaugurated the online facility for registration and cancellation of MOD. It enables Bank Managers and Entrepreneurs to register and cancel MoDs without having to be physically present at the Sub-Registrar’s office and save time. This will benefit 6.5 lakh entrepreneurs and those who get housing loans and agriculture loans every year. The state government has accordingly amended the Tamil Nadu Registration Act.

Mr Stalin also inaugurated online facility for MSME entrepreneurs of CIDCO Industrial Estate to get 12 services including bank loan and no objection certificate for electricity connection, water connection and sale deed.

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 could not get 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.

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

School Innovation Development Plan:

An MoU 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 adopting technology for sustainable development.

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

Entrepreneurship awareness will be given to a total of 1.56 lakh students and 3,120 teachers of classes 9 to 12 in all government and aided higher secondary schools. Best 40 innovative ideas by student groups at Rs. 25,000 to Rs. 1 lakh cash prize and certificate.

Awards were given to the Best Entrepreneurs in various categories and Banks with the highest lending to MSMEs were given on the occasion.

Besides the ministers, Madurai MP Su. Venkatesan, MLA A. Venkatesan and M. Boominathan, Madurai Collector, S. Anish Shekhar, were present.

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