With a view to helping more number of traders get welfare assistance, Chief Minister J Jayalalithaa on Wednesday hiked the corpus fund for the Traders Welfare Board from `2 crore to `5 crore.
The fund given to the Board has been kept as fixed deposit in the Reserve Bank of India and the interest accrued is the resource for providing welfare assistance to the trader-members. Further, `500 collected as membership fee from each trader and an equal amount contributed by the State government have been the financial resources for the Board.
With a view to encouraging more traders to become members, the Chief Minister had, last year, announced that they did not need to pay `100 every year to renew their membership in the Board. Further, after the State government allowed small traders who were not registered under the VAT regime to become members of the board based on the licences obtained from the local bodies, the number of members is going up since 2006.
This, in turn, increases the requirement of more funds for extending welfare measures to the traders.
Taking this into account, the Chief Minister has hiked the corpus fund from `2 crore to `5 crore.
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