MSME bodies seek Audit exemption for firms below Rs 5 Cr turnover
Posted Date : 02-Jan-2025 , 10:44:04 am | Posted By CASANSAAR
Industry bodies representing micro, small, and medium enterprises (MSMEs) have urged the government to exempt MSMEs with turnovers below Rs 5 crore from unnecessary audits and inspections unless major discrepancies are detected.
“Additionally, the budget should include guidelines and ...
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Thousands of India
Posted Date : 04-May-2024 , 07:47:18 am | Posted By CASANSAAR
The government’s decision to impose a payment deadline for dues owed to small businesses has backfired.
According to a CNBC Awaaz report, more than 40,000 Indian small businesses, including 12,000 in Gujarat, have cancelled their registration and approached the Supreme Court with an appeal ...
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Govt launches Vivad se Vishwas scheme for relief to MSMEs for COVID-19 period
Posted Date : 03-May-2023 , 08:31:06 am | Posted By CASANSAAR
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period. The scheme was announced in the Union Budget 2023-24 by Union Finance Mi...
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Govt extends Credit Guarantee Scheme for Subordinate Debt upto 31st of March 2022
Posted Date : 05-Oct-2021 , 08:59:05 am | Posted By CASANSAAR
Government has extended the Credit Guarantee Scheme for Subordinate Debt upto 31st of March next year.
Ministry of Micro, Small and Medium Enterprises said, the government had announced creation of Distressed Assets Fund - Subordinate Debt for Stressed MSMEs’ on 13th May last year und...
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ECLGS’ scope expanded and scheme extended till 31.03.2022
Posted Date : 30-Sep-2021 , 07:51:31 am | Posted By CASANSAAR
Emergency Credit Line Guarantee Scheme (ECLGS) since its launch, has extended relief to over 1.15 crore Micro, Small and Medium Enterprises (MSMEs) and businesses. It has provided support to eligible borrowers in meeting their operational liabilities and restarting their businesses in the wake of di...
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MSME Minister launches India Export Initiative and IndiaXports 2021 Portal
Posted Date : 30-Sep-2021 , 07:49:25 am | Posted By CASANSAAR
Union Minister for MSMEs Shri Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi today. He was accompanied by MoS Shri Bhanu Pratap Singh Verma and senior officers of the Ministry.
Speaking on the occasion, Shri Rane expresse...
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Govt makes it mandatory to clear all dues of MSMEs within 45 days - Fin Min
Posted Date : 27-Jul-2021 , 09:35:16 am | Posted By CASANSAAR
Finance Minister said in view of Covid pandemic it has made it mandatory to clear all the dues of MSMEs within a stipulated time of 45 days to provide relief to such entities.
In reply to a question in the Lok Sabha, Finance Minister Nirmala Sitharaman said all the dues of MSMEs pending at ...
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Central govt plans to develop rating system for MSMEs
Posted Date : 29-Jun-2021 , 08:27:59 am | Posted By CASANSAAR
Central government is planning to develop a system of financial ratings for upcoming micro, small and medium enterprises (MSMEs). Union Minister for MSMEs Nitin Gadkari said that this system of ratings will help banks to make better credit judgments for such borrowers.
The Union Minister wa...
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Govt simplifies registration process for MSMEs
Posted Date : 16-Jun-2021 , 08:08:57 am | Posted By CASANSAAR
The government has simplified the registration process for micro, small and medium enterprises and they will now only need to furnish PAN and Aadhaar to register, an official statement said on Tuesday. Announcing the measure, MSME minister Nitin Gadkari said that after getting registered, the MSME u...
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World Bank approves 500 million dollar program to help boost India's MSME sector
Posted Date : 08-Jun-2021 , 09:41:33 am | Posted By CASANSAAR
The World Bank has approved a USD 500 million program to help boost India's MSME sector. The programme targets improvements in the performance of five lakh 50 thousand MSMEs. Out of some 58 million MSMEs in the country, more than 40 per cent lack access to formal sources of finance. The MSME sec...
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IBBI notifies prepack insolvency resolution process regulations for MSMEs
Posted Date : 10-Apr-2021 , 08:21:58 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India has notified the pre-packaged insolvency resolution process regulations for micro, small and medium enterprises (MSMEs) on Friday.
The norms, effective from Friday, enable the operationalisation of the prepack process, according to a statement from the...
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Centre sets Rs. 10 lakh trigger for MSME rescue scheme
Posted Date : 09-Apr-2021 , 08:05:42 am | Posted By CASANSAAR
The Central government set a payment default of ₹10 lakh as the trigger for bankruptcy proceedings of small businesses under the new simplified scheme called pre-packs.
The finance ministry said in a tweet that this would be the minimum threshold of payment default for micro, small and med...
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Emergency Credit Line Guarantee Scheme (ECLGS) 1.0 & 2.0 extended upto 30.6.2021
Posted Date : 01-Apr-2021 , 08:53:18 am | Posted By CASANSAAR
In recognition of the continuing adverse impact of COVID-19 pandemic on certain service sectors, the Government has now extended the scope of Emergency Credit Line Guarantee Scheme (ECLGS) through introduction of ECLGS 3.0 to cover business enterprises in Hospitality, Travel & Tourism, Leisure &...
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GST not mandatory for MSME Udyam registration, PAN card can be used
Posted Date : 09-Mar-2021 , 09:15:17 am | Posted By CASANSAAR
The requirement for registering on the Udyam Registration Portal has been further simplified.
The Modi government’s paperless portal to ease MSME registration was launched on July 1, 2020. The objective of the portal is to provide a single-page registration, consume less time and simplify p...
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Over one crore MSMEs registered in country over period of 5 years
Posted Date : 12-Feb-2021 , 09:38:12 am | Posted By CASANSAAR
Micro, Small and Medium Enterprises Ministry has informed that more than one crore two lakh MSMEs were registered in the country within five years.
In a written reply in the Lok Sabha, Micro, Small and Medium Enterprises Minister Nitin Gadkari said that as per Udyog Aadhaar Portal a total of one ...
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CBIC introduces liberalised Authorised Economic Operator package for MSMEs
Posted Date : 08-Jan-2021 , 08:06:41 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) on January 7 said it has introduced liberalised Authorised Economic Operator package for micro, small and medium enterprises (MSMEs) for swift customs clearances. In order to attract MSMEs to become Authorised Economic Operators (AEOs) and ava...
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MSME taxpayers may file GST return via SMS
Posted Date : 08-Dec-2020 , 10:19:35 am | Posted By CASANSAAR
The MSME taxpayers will no longer require to log on to the GST portal to file their return. Instead they can file their return through an SMS helping to reduce their cost of compliance.
Ajit Kumar, chairman, Central Board of Indirect Taxes & Custom at a session of the Bharat Chamber of Commer...
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SIDBI launches a portal to help MSMEs
Posted Date : 01-Dec-2020 , 09:21:42 am | Posted By CASANSAAR
Small Industries Development Bank of India (SIDBI) on Monday said it has launched a web portal to help micro, small and medium enterprises (MSMEs) take benefit of the Reserve Bank of India’s one-time debt restructuring.
In August, RBI had announced one-time restructuring for personal and co...
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Government extends Emergency Credit Line Guarantee Scheme by one month
Posted Date : 03-Nov-2020 , 08:51:00 am | Posted By CASANSAAR
The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the e...
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MSME Ministry implements AI & ML tools to get insights into MSME related issues and grievances
Posted Date : 15-Oct-2020 , 10:27:56 am | Posted By CASANSAAR
The Ministry of MSME in a major initiative has onboarded latest IT tools of Artificial Intelligence(AI) and Machine Learning (ML) for providing assistance and solutions to the issues of Micro, Small, and Medium Enterprises (MSMEs). Ministry has implemented AI & ML on its robust Single Window Sys...
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Govt urges Pvt sector to clear MSME dues on priority
Posted Date : 15-Sep-2020 , 10:04:51 am | Posted By CASANSAAR
Micro, Small and Medium Enterprises, MSME, Ministry has asked the private sector enterprises of the country to take measures for release of payment of MSME dues on priority.
During the announcement of AatmaNirbhar Package, it was desired that the MSME receivables and dues should be paid in 45 day...
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Government aiming to create 5 Cr additional jobs in MSME sector
Posted Date : 11-Sep-2020 , 10:32:55 am | Posted By CASANSAAR
Union Minister for Road Transport & Highways and MSME, Nitin Gadkari has said that he aims to enhance MSME contribution to GDP from about 30% to 50%; and in exports from 49% to 60%. Gadkari said that his Government is aiming to create 5 crore additional jobs in the MSME sector which presently em...
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Banks sanction loans of Rs.1.61 lakh Cr to MSMEs under credit guarantee scheme
Posted Date : 08-Sep-2020 , 10:26:28 am | Posted By CASANSAAR
The Finance Ministry on Monday said banks have sanctioned loans of about Rs.1,61,017 crore under the Rs.3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under the slowdown caused by the coronavirus pandemic.
However, disbursements against this stood at Rs.1,...
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All NBFCs can now provide MSMEs loans against dues via TReDS
Posted Date : 21-Aug-2020 , 09:31:58 am | Posted By CASANSAAR
The Cabinet on Wednesday allowed all non-banking financial companies to provide discount loans to MSMEs against dues from government departments, through the TReDS platform.
So far only a selected NBFCs and banks were on the platform and could give the discount loans to MSMEs.
Briefing the med...
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Govt considering giving MSME status to dealers
Posted Date : 19-Aug-2020 , 10:39:04 am | Posted By CASANSAAR
The government is considering according MSME status to dealers as it will enable them to avail benefits offered to micro, small and medium enterprises, Union Minister Nitin Gadkari said on Tuesday.
Micro, small and medium enterprises (MSMEs) comprising manufacturing and services units need to get...
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Banks sanction Rs 1.38 lakh Cr loans to MSMEs under ECLGS
Posted Date : 05-Aug-2020 , 08:52:09 am | Posted By CASANSAAR
The Finance Ministry on Tuesday said banks have sanctioned loans of about Rs 1,37,586 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, hit hard by the economic slowdown due to COVID-19 pandemic.
However, disbursements against this stood at Rs 92,090....
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Banks sanction about Rs 1.23 lakh Cr loans to MSMEs under credit guarantee scheme
Posted Date : 17-Jul-2020 , 09:58:14 am | Posted By CASANSAAR
The finance ministry on Thursday said banks have sanctioned loans of about Rs 1.23 lakh crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, reeling under the economic slowdown caused by COVID-19 pandemic.
However, disbursements against this stood at Rs ...
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Govt finalising special insolvency resolution under IBC for MSMEs
Posted Date : 14-Jul-2020 , 09:21:58 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is finalising a special insolvency resolution under section 240A of the Insolvency and Bankruptcy Code (IBC), 2016.
"The Ministry of Corporate Affairs is finalising a special insolvency resolution under section 240A of the Code, to provide relief to th...
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Public, Private Sectors banks sanctioned loans worth over Rs 1.10 lakh cr under Emergency Credit Line Guarantee Scheme
Posted Date : 05-Jul-2020 , 10:43:36 am | Posted By CASANSAAR
Public and Private Sectors banks have sanctioned loans worth over one lakh ten thousand crore rupees so far under Emergency Credit Line Guarantee Scheme.
Out of which, more than 52 thousand 200 crore rupees have already been disbursed. The scheme was launched by the government to provide relief t...
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World Bank approves $750 million to support credit finance for Indian MSMEs
Posted Date : 02-Jul-2020 , 10:44:50 am | Posted By CASANSAAR
The World Bank has approved $750 million to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs) in India, severely impacted by the covid-19 crisis. The package will support the MSME package announced by the government under its self-reliant India programm...
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