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R I A

Publication of

Information under

section 4(1)(a)

of the Right to

Information Act,

2005.

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Publication of

Information under

section 4(1)(b)

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  PREAMBLE:  
 
To bring in stability in silk yarn prices., for intervening in the market operations whenever the necessary arises , the Karnataka Silk Marketing Board (KSMB has been formed.The silk yarn purchased by KSMB is sold through the network of Sales outlets. As a convention the silk business is carried on mostly on credit basis, as a trade practice, and KSMB since inception (36 years) is also following the trade practice of selling on cash and credit basis to cross sections of users namely weavers, twisters, institutions and traders.
 
 
ii) The money market has undergone several changes and the Government is bringing reforms in the lending sector with attractive interest rates. The private sector banks and financial institutions are also luring the trading and business class with attractive terms at lowest interest rates, which the Government sector banks and institutions are taking as a challenge.
 
 
iii) The Commercial Banks are giving liberal over draft and cash credit facilities at competative rate of interest than KSMB.
 
 
iv) The Board od Directors analysed the turnover of the company , the dwindling customer base year after year and its effect on the turnover and profitability of the company. In order to improve the turn over of the company and to encourage customers to purchase from KSMB, attractive credit terms in tune with the market was felt necessary and in the 133rd Board of Directors meeting held on 26.12.2003 / 03.01.2004 it was decided to change some of conditions of credit policy and the existing rate of interest. Accordingly the Board of Directors have resolved to effect changes in the policy and proposal was sent to the Government on 28.02.2004. Considering the proposal of the company the Government vide order No 46/ 2004 bangalore dated 15.06.2006 and further in 182nd Board Meeting it was decided to give 45 days interest free to the customers who have registered with KSMB.
 

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