1.Refinance Scheme for Payment of Wages and Salaries to the Workers and Employees of Business Concerns
2.Islamic Refinance Scheme for Payment of Wages and Salaries to the Workers and Employees of Business Concerns
Please refer to IH&SMEFD Circular Nos. 06 and 07 of 2020 dated April 10, 2020 followed by IH&SMEFD Circular Letter No. 07 dated April 22, 2020 on the captioned schemes.
2. In this respect, in terms of clause 1.6 of above mentioned Circular Letter No. 07, those borrowers who had applied for the facility in the month of April, 2020 but could not get approval in April due to the formalities were allowed to claim reimbursement of April’ salaries & wages paid from their own sources. It has been decided to allow similar facilitation for the salaries of May 2020. Hence, businesses, who applied for the facility under the captioned Schemes in May 2020, can pay wages and salaries from their own sources and claim reimbursement of the same after their financing is approved.
3. Further, to facilitate those borrowers who could not apply in month of April, 2020 and paid wages & salaries of April from their own sources can also claim reimbursement under the captioned Schemes provided all other terms and conditions including not laying off the employees are met.
4. All other terms and conditions of the Schemes, issued from, time to time, shall remain unchanged.