New Scheme : Off-lagoon Fishing
To encourage off-lagoon fishing, Government has provided
50 per cent grant on the purchase of off-lagoon "canottes" up to an amount of Rs 200,000 per "canotte".'
In view of the above, DBM will operate this scheme jointly with the Ministry of Finance & Economic Development and the Ministry of Fisheries, by providing the '50 per cent grant on the purchase of off -lagoon "canottes" up to an amount of Rs 200,000 per "canotte".
In addition, the bank will provide a loan up to Rs 200,000 at 7.65% p.a (3%+Repo Rate) repayable on a half yearly basis over a period of 7 years (including a moratorium period of 1 year).
(i) General Floating Charge after existing charges
(ii) Pledge of bad weather allowance
(iii) Gage sans deplacement on fishing vessel
(iv) Decreasing Term Assurance
(v) Comprehensive Insurance Cover for Boat & Engine