G.O.(Ms) No.145, Indira Awaas Yojana Interest Payment, 2014
The Rural Development and Panchayat Raj (CGS.1) Department issued G.O.(Ms) No.145 on 13 November 2014, sanctioning Rs.4,12,04,489 for interest payable to HUDCO on a loan obtained for the Indira Awaas Yojana through the Tamil Nadu Rural Housing and Infrastructure Development Corporation. It is a government funding and loan servicing approval and does not change land ownership, property rights or land use.
What the document does
G.O.(Ms) No.145 of the Rural Development and Panchayat Raj (CGS.1) Department authorises payment of Rs.4,12,04,489 to HUDCO through the Tamil Nadu Rural Housing and Infrastructure Development Corporation. The payment is for interest for the quarter ending 30 November 2014 on a loan obtained for the Indira Awaas Yojana during 2014-15.
The sanctioned amount is additional to the interest funding approved in G.O.(Ms) No.108 of the Rural Development and Panchayat Raj (CGS.1) Department, dated 28 August 2014.
Background to the loan
The Government had sanctioned a HUDCO loan of Rs.746.10 crore for the Indira Awaas Yojana, with a government guarantee and annual budget support for repayment of principal and floating rate interest. The loan was to be obtained through the Tamil Nadu Rural Housing and Infrastructure Development Corporation.
HUDCO released:
- A first instalment of Rs.373.17 crore, disbursed on 31 March 2014.
- A further instalment of Rs.372.93 crore on 23 September 2014.
The Government had also approved Rs.25,72,75,862 for principal repayment and Rs.24,14,41,616 for interest. Of the interest provision, Rs.13,95,53,721 had been used for the quarters ending 31 May 2014 and 31 August 2014.
Payment and accounting provisions
G.O.(Ms) No.145 authorises the Director of Rural Development and Panchayat Raj, who is also identified as the Managing Director of the Tamil Nadu Rural Housing and Infrastructure Development Corporation, to draw the sanctioned amount from the Pay and Accounts Officer (South), Chennai. Payment must be made to HUDCO through the corporation.
Key provisions include:
- The expenditure is charged to the specified rural housing account for interest on the loan obtained for implementing the Indira Awaas Yojana.
- Funds are to be provided in the revised estimates or final modified appropriation for 2014-15 through reappropriation.
- Pending that provision, the Director of Rural Development and Panchayat Raj may incur the expenditure.
- The additional expenditure must be included in the relevant budget proposal, with an equal surrender from the identified account.
Who is affected
G.O.(Ms) No.145 primarily concerns the Rural Development and Panchayat Raj administration, the Tamil Nadu Rural Housing and Infrastructure Development Corporation, HUDCO, the Pay and Accounts Officer and government accounting authorities. It contains no provision altering a buyer's title, an owner's land rights, land classification or permission to develop property.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does G.O.(Ms) No.145 affect my land title or property ownership?
No land title or ownership change is stated. G.O.(Ms) No.145 concerns government payment of interest on a HUDCO loan for the Indira Awaas Yojana.
How much additional interest payment was sanctioned?
The Rural Development and Panchayat Raj (CGS.1) Department sanctioned Rs.4,12,04,489 for payment to HUDCO through the Tamil Nadu Rural Housing and Infrastructure Development Corporation.
Who is authorised to draw and pay the sanctioned amount?
The Director of Rural Development and Panchayat Raj, also identified as the Managing Director of the Tamil Nadu Rural Housing and Infrastructure Development Corporation, is authorised to draw the amount from the Pay and Accounts Officer (South), Chennai, for payment to HUDCO through the corporation.
What was the HUDCO loan used for?
The Rs.746.10 crore loan was obtained through the Tamil Nadu Rural Housing and Infrastructure Development Corporation for implementation of the Indira Awaas Yojana.
