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Pledging / Purchase of Silk Yarn:

In Karnataka Silk reelers buy cocoons from silk worm rearers (Farmers) and sell their silk within the state or outside the state. Due to the current COVID-19 pandemic situation and Lock down across Karnataka the reelers of the state could not sell or supply the silk with them and the reelers were in huge Financial Crisis in the initial months.

For this the Government of Karnataka during the year 2020-21 released Grant of Rs.20.00 Crores to Karnataka Silk Marketing Board Ltd to help the reelers of the state for Purchasing and Pledging their Silk yarn.

Under this Scheme a minimum of 10Kg to maximum 100 Kg fine quality of silk yarn will be pledged and 70% of the total value not exceeding Rs.1.00 lakh was paid as pledge amount.

The rates of the Silk Yarn are fixed by Karnataka Silk Marketing Board Ltd based on quality. The Rate of Interest towards pledged silk is 10.25% simple interest and service changes of Rs.5/- per Kg has been fixed.

Due to COVID-19 situation in the state Rs.1.00 Lakh pledge loan limit has now been enhanced to Rs.2.00 Lakhs and the actual time period to release the pledged silk which was 90 Days from the date of pledging has also been enhanced to 120 Days which has helped the reelers of the state.

According to the statistics available up to September 2020 in this scheme the reelers of the state have pledged about 60 Tons of Silk yarn amounting to Rs.8.98 Crores and about 68 Tons of Silk yarn amounting to Rs.15.72 Crores has been purchased from them. About 4,581 Reelers have been Benefited under this scheme.

Last Updated: 20-10-2020 11:17 AM Updated By: Admin

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