Lawgist.Download the App Now!
Get our Android app for fast and offline Access.
In this Act, unless the context requires otherwise,- (a) "borrower" means a person who has received a loan under this Act and which has not been repaid in full; (b) "cottage industry" means an industry prescribed by rules made by the State Government, regard being had in particular to the fact that such industry is carried on by an artisan in or near this home, and the capital of which does not exceed Rs. 25,000 (or such other sum as the State Government may from time to time in such rules denote); (c) "industry" means the manufacture, preservation or processing of goods, or any handicraft, or industrial business or enterprise, carried on by any person; (d) "loan" means a loan granted under this Act; 1[(e) "small scale industry" means any industry which has a capital investment in plant and machinery of not more than rupees seven hundred and fifty thousand, irrespective of the number of persons employed therein. Explanation.- The value of the plant and machinery for ascertaining the capital investment shall be the price paid by the borrower of such plant and machinery.]
<span style="margin-left:15px;"></span>In this Act, unless the context requires otherwise,-<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>a</i>) "borrower" means a person who has received a loan under this Act and which has not been repaid in full;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(b)</i> "cottage industry" means an industry prescribed by rules made by the State Government, regard being had in particular to the fact that such industry is carried on by an artisan in or near this home, and the capital of which does not exceed Rs. 25,000 (or such other sum as the State Government may from time to time in such rules denote);<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>c</i>) "industry" means the manufacture, preservation or processing of goods, or any handicraft, or industrial business or enterprise, carried on by any person;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>d</i>) "loan" means a loan granted under this Act;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><sup>1</sup>[(<i>e</i>) "small scale industry" means any industry which has a capital investment in plant and machinery of not more than rupees seven hundred and fifty thousand, irrespective of the number of persons employed therein.<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>Explanation</i>.- The value of the plant and machinery for ascertaining the capital investment shall be the price paid by the borrower of such plant and machinery.] <br>