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: 08-11-2018
Circular No 43/2018-Customs
Implementation of Paperless Processing under SWIFT-Uploading of Supporting Documents( eSANCHIT) in Exports

Date: 06-11-2018
A.P. (DIR Series) Circular No.11
External Commercial Borrowings (ECB) Policy – Review of Minimum Average Maturity and Hedging Provisions

Date: 05-11-2018
Notification No. 61/2018 – Central Tax
Seeks to exempt supply from PSU to PSU from applicability of provisions relating to TDS.

Date: 05-11-2018
Notification No. 91 /2018-Customs (N.T.)
Notification giving Chief Commissioners powers to assign the cases for adjudication of show cause notices within their respective jurisdiction.

Date: 05-11-2018
Notification No. 43/2015-2020
Amendment in Para 4.32(i) of Chapter 4 and in Para 6.01(a) of Chapter 6 of the Foreign Trade Policy 2015-20

Date: 05-11-2018
Public Notice No. 44/2015-2020
Amendment of Appendix - 2T of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20

Date: 02-11-2018
TRADE NOTICE NO. 37/2018-19
Online issuance of RCMC by EPCs and its uploading on the DGFT server – reg.

Date: 01-11-2018
Notification No.77/2018-Customs
Seeks to further postpone the implementation of increased customs duty on specified imports originating in USA from 2nd November, 2018 to 17th December, 2018

Date: 01-11-2018
Notification No.90/2018 - Customs (N.T.)
cExchange Rates Notification No.90/2018-Custom(NT) dated 1.11.2018

Date: 31-10-2018
Notification No. 89/2018-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg



Exim Guru Copyright © 1999-2018 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