Registration with the KVIC/KVIBs under the Scheme is mandatory for the project beyond Rs.2.00 lakhs. Beneficiary will have to register either with KVIC or KVIB. For registration with KVIC, they will have to apply on the prescribed form duly recommended by the concerned financing bank. The application should be accompanied by registration fee @ 1% of the project cost by Demand Draft drawn in favour of the Chief Executive Officer of the Commission payable at State Bank of India, Vile Parle (West) Branch, Mumbai – 56. Registration is valid for 3 financial years. For further renewal of the registration, registration fee @ 0.5% of the project cost is to be paid to the KVIC. KVIC will conduct periodical inspection/physical verification of the units through its officials. Beneficiary will submit quarterly report about production, sales, employment, wages paid etc. to the State/Regional Director of the KVIC/KVIB.