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Commission reduced from 2 per cent to 0.5 per cent



Commission is paid by reelers, weavers and others in the silk trade
Scheme introduced to recover money owed to Silk Marketing Board

Bangalore: The Department of Sericulture has decided to reduce the commission paid to silk exchanges by reelers, weavers and others engaged in the silk trade from two per cent to 0.5 per cent.

Sericulture Minister Ramachandra Gowda told presspersons here on Friday that many reelers and weavers had complained that the commission of two per cent was on the high side. The reduction in the commission was also expected to attract silk reelers and traders from other States to deal with silk exchanges in the State.

Mr. Gowda said that the department would introduced a liberalised `Samadhana Scheme' to recover Rs. 3.32 crore owed by twisters, reelers and weavers to the Karnataka Silk Marketing Board. Under the scheme, which would come into effect from August 14, a rebate of up to 50 per cent would be offered in the simple interest payable on the loans. The rebate facility could be utilised up to February 13, 2007, and it would apply only to those who defaulted on loans as on June 30, 2003. The compound interest and recovery charges would be waived and fresh loans would be given to those who cleared the arrears and produced a bank guarantee and security deposit.

The Minister also announced that a new marketing policy had come into effect under which the interest rate had been reduced to seven per cent.

Interest on loans for a period of six months had been reduced to 14 per cent from 21 per cent. While sanctioning a fresh loan, a special rebate of Rs. 3 for a kilogram of silk would be given.

Mr. Gowda said that 243 buildings constructed with World Bank assistance for sericulture development in seven growth centres were not being used. Machinery in good condition was lying idle. He said the department was of the view that these buildings could be used for running schools, colleges and hostels.