Wait...
  1. Home >
  2. Export Import News >
  3. Economy News >
  4. Loan in 59 minutes for MSMEs: PM Modi launches portal to ease credit for small businesses >
  5. Loan in 59 minutes for MSMEs: PM Modi launches portal to ease credit for small businesses

Online Export Import Data Search

Complete Training Video : Click Here

Loan in 59 minutes for MSMEs: PM Modi launches portal to ease credit for small businesses.


Date: 03-11-2018
Subject: Loan in 59 minutes for MSMEs: PM Modi launches portal to ease credit for small businesses
At a time when the Micro, Small and Medium Enterprises (MSMEs) in the country are facing difficulty in raising funds, Prime Minister Narendra Modi on Friday launched a portal that will sanction a loan to an MSME in 59 minutes. 

“In the time taken for you to reach your office, you can now get a loan. We had run a pilot and I had set a target of 72,000 MSMEs under this. As of today 72,680 have been on boarded,” said Modi. 

The Prime Minister added that loan option for GST registered firms will now be available through the GST portal itself. “When you file GST returns, you will be asked if you want a loan. GST registered firms will also get a 2 % rebate on interest rates. Being a part of the GST and being an honest taxpayer will become your strength,” said Modi. For exporters seeking loans on pre-shipment and post shipment, the rebate has been increased from 3% to 5%. 

Modi added that companies above a Rs 500 crore will now have to compulsorily be a part of TReDs, which will also include PSUs. 

“For the last few weeks many Ministries were involved in making these decisions. If you can break silos and take collective responsibility, initiative and decision, the impact can be huge. In silos all your dreams end in files,” said Modi. 

Credit squeeze:
According to the Economic Survey 2017-18, data on credit disbursed by banks shows that out of a total outstanding credit of Rs 26,041 billion as in November 2017, 82.6% of the amount was lent to large enterprises and MSMEs got only 17.4 % of total credit. The recent turmoil in the NBFC sector has added to the pressure.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 31-01-2019
Notification No. 83/ 2018 - Customs
Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2019.

Date: 31-01-2019
Notification No. 84/2018-Customs
Seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2019.

Date: 14-01-2019
Policy Circular No . 17/2015--2020
Additional extension of six months in the Export Obligation Period (EOP) (beyond permissible extension period in Para 4.42 of the HBP) to advance authorizations issued upto 30.06.2016 involving import of Raw cashew (SION E S) relaxation of Policy/ Procedure.

Date: 11-01-2019
Notification No.3/2019 - Customs (N.T.)
Exchange Rates Notification No.3/2019-Custom(NT) dated 11.1.2019.

Date: 11-01-2019
Trade Notice No. 42/2015-2020
Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14.1.2019 onwards (for EDI ports only)

Date: 10-01-2019
Notification No. 53/2015-20
Amendment in Para 4.14 and 4.16 (ii) of the Foreign Trade Policy 2015-20

Date: 10-01-2019
Notification No. 01/2019 - Customs
Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement

Date: 09-01-2019
Policy Circular No.16 /2015--2020
Guidelines to RAs for following Standard Operating Procedure (SOP) for EODC monitoring of both Advance as well as EPCG authorizations using software in website http://eodc.online - Reg.

Date: 08-01-2019
Notification No. 50/2015-2020
Import policy for electronics and IT Goods under Schedule – I (Import Policy) of ITC (HS), 2017.

Date: 08-01-2019
Notification No 51/2015-2020
Amendment in Import Policy of Aviation Gasoline under Exim Code 27101219 in the ITC (HS) 2017,Schedule-I(Import Policy) -regd.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001