New Delhi, July 28 (ANI): The Union Cabinet today approved further modification of the 'Revised Relief Package of Assistance for the Animal Husbandry Sector for Tsunami affected areas' of Andaman and Nicobar islands.
The Cabinet had earlier in February 2009 approved by way of reduction of the term of fixed deposit from ten years to three years in respect of such beneficiaries in whose case the amount of compensation is equal to or less than Rs.10, 000.
This will benefit those beneficiaries in whose cases the compensation amount is very meager and those who are quite old and reluctant to open fixed deposit account for a term of ten years.
Under the "Rajiv Gandhi Rehabilitation Package for Tsunami affected areas" of Andaman and Nicobar islands, an amount of Rs.11.81 crore was earmarked for the Animal Husbandry Sector, which consisted of Rs.10.14 crore for the replacement of livestock lost.
However, the same was revised to Rs.25.70 crore by the Cabinet in August 2006.
Subsequently in view of shortage of livestock in the UT, it was decided to compensate the beneficiaries by placing the amount in fixed deposit for a period of 10 years during which the beneficiaries were to be allowed only to draw the interest accrued thereon.
It was decided that principal amount will be paid at the end of ten years. (ANI)