Sanction and Release of Funds
Sanction and release of funds
Application for financial assistance under the scheme is called from the organisations in the prescribed format (Annexure)
All sanctions shall be issued after approval of the competent authority and all disbursements shall be made with the concurrence of IF
(a) Short term projects (one-time events or projects not exceeding 6 months duration):
Disbursement will be made in two instalments as follows:
75% -on approval, acceptance, executing necessary bond etc.
25%- on receipt of final report and UC for the first instalment, audited statement of account along with item-wise expenditure.
(b) Long term Projects (projects of 6 months and more duration)
Disbursement may be made in three instalments as follows:
40% on approval, acceptance of project and furnishing bank guarantee/execution of bond etc.
40%- After Progress review, receipt of UC of first instalment.
20%- On Receipt of final report, UC for full amount, and audited statement of account along with item-wise expenditure.
Page Last updated on :