CGTSI( 44)/76                                                                                                                         

April 22, 2002

All Member Lending Institutions

Circular No. 5/2002-03

Dear Sir / Madam,

CGFSI - Clarification Regarding IT PAN

We clarify that in terms of our Circular No.4 dated February 15, 2002 (circular is available on our website), it has been made mandatory to furnish ITPAN of the Chief Promoter of the unit in case of proposals with credit assistance exceeding Rs 10 lakh, while in case of proposals involving credit facility up to Rs.10 lakh, the discretion to indicate the details of IT PAN has been left to the MLI. However, in such cases where credit assistance to be granted exceeds Rs 10 lakh and the prospective borrowers don't possess ITPAN, guarantee cover may be sought from the Trust while simultaneously advising the prospective borrowers to apply for ITPAN. You may mention "APPLIED FOR" in the ITPAN field in guarantee cover Application Form in all such cases. Further, you are requested to ensure that guarantee cover is sought strictly for SSI units engaged in the manufacturing activity / software and IT sector.

Thanking you,

 

Yours faithfully,

Sd/-

  (N. Venkatasubramanyan)

Chief Executive Officer