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Govt announces Rs 3 lakh crore collateral-free automatic loans for MSMEs

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Finance Minister Nirmala Sitharaman on Wednesday announced a series of liquidity measures for millions of small businesses reeling under the impact of COVID-19 lockdown, including collateral-free automatic loans worth Rs 3 lakh crore.
Borrowers with up to Rs 25 crore outstanding and Rs 100 crore turnover will be eligible. These loans will have a four-year tenure and have a moratorium for 12 months on principal payment.
There will be a 100 percent credit guarantee cover to banks and non-banking finance companies on principal and interest. The scheme can be availed till October 31.
“This will enable 45 lakh micro, small and medium enterprise (MSME) units to resume business activity and also safeguard jobs,” said Sitharaman. “The government will provide stressed MSMEs with equity support. We will facilitate the provision of Rs 20,000 crore as subordinate debt.”
For the subordinate debt for stressed MSMEs, promoters of MSMEs will be given debt by banks, which will then be infused by the promoter as equity in the unit. The subordinated debt facility will help two lakh stressed MSMEs.
“A fund of funds being created for infusing about Rs 50,000 crore as equity into MSMEs. This will benefit those MSMEs who have the potential and are viable. The corpus of the fund will be Rs 10,000 crore,” said the Finance Minister.
Sitharaman said that there will also be a change in the definition of MSMEs so that they can grow in size and get benefits. The investment limit which defined MSMEs have been revised upwards.
“Additional criteria being brought in is turnover size. The earlier differentiation between manufacturing and service MSMEs will be categorized similarly,” said Sitharaman.
To help MSMEs further, global tenders will be banned for government procurement up to Rs 200 crore. “Indian MSMEs often faced unfair competition from foreign companies. This will be a step towards self-reliant India and support Make in India,” she said.
Another measure the government has taken will deal with e-market linkage across the board for MSMEs.
“Post-COVID, trade fairs and exhibitions will be difficult so e-market linkage will be provided for MSMEs so that they will be able to find their market. Also, the government and central public sector enterprises will honor every MSME receivables in the next 45 days,” Sitharaman said.
During his address to the nation on Tuesday, Prime Minister Narendra Modi had announced a stimulus package totaling Rs 20 lakh crore to rescue the economy reeling under the impact of coronavirus. This amounts to nearly 10 percent of India’s GDP.

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Business

How to open an account in Swiss Bank from India

As soon as the news of increase the in money in Swiss Bank increased, numbers of queries related to Swiss Bank got increased. So, we thought to help you to with the most searched question on the internet “How to open an account in Swiss Bank from India”.

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How to open an account in Swiss Bank from India 1

Swiss Bank, like me many of you was introduced this name in 2014 when Mr. Narendra Modi who was the chief minister of Gujarat that time made his election campaign on Black money in Swiss Bank. Now, in 2021 no money was back to India as promised by Narendra Modi. On other hand there is huge hike in Indian Money deposited into Swiss Bank. According to the media reports the total amount has reached more than 20,700 Cr and also the Swiss bank account holders in India gets increased post 2014.

Now, if you see google then many people are searching to open a Swiss Bank account online. It’s not that everyone wants to open an account in Swiss Bank, however many of them like me are just curious to know the process to open an account in Swiss Bank.

Also Read: China launches crewed spacecraft Shenzhou-12 in the historic mission

How to open an account in Swiss Bank from India
Image Credit – Pexels

How to open a Swiss bank account

  • Just like Indian Banks, Banks in Switzerland also minimum balance criteria. You have to find a Bank that will accept the amount of fund you have. The minimum balance is between 100.000 CHF up to 500.000 CHF and it vary from Bank to Bank.
  • Once you identify the Bank, or you can also take a professional help from third party websites. They charge you a professional fee to help you to open a Bank Account.
  • These are the four steps to open an account
  • Fill out the application form at our order page
  • After reception of your order the bank will mail you a welcome packet
  • Sign the documents and send them back to the bank
  • The bank will confirm the opening of your new Swiss bank account
  • If you will not be able to travel Switzerland, then you can also complete the process through post (Courier)
  • You also have to show the origin of fund like bank statement, documents from the sale of property or any other document that shows the transaction amount

Thinks you should know before opening a Swiss bank account

  • Any individual over the age of 18 is allowed to open a Swiss Bank account
  • An Indian can open an account but with a ceiling for the financial year. However, for the purpose of conducting business such an account is permitted under the Foreign Exchange Management Act (FEMA).
  • There are nearly 400 banks in Switzerland with the top two – UBS and Credit Suisse Group
  • There is an account type called ‘numbered account’. All interaction with the account is through the account number. Very few people in the bank will know the name behind the numbered account.
  • You can close your account any time without any restrictions or cost
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Business

Mutual Fund News: SBI Mutual Fund holds its No: 1 position

SBI Mutual Fund has retained its number one position with Asset Under Management (AUM) of Rs 5.11 lakh crore. It is the first mutual fund house in the country, with an Asset Under Management (AUM) of more than five lakh crore rupees.

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Mutual Fund News

SBI Mutual Fund has retained its number one position with Asset Under Management (AUM) of Rs 5.11 lakh crore. It is the first mutual fund house in the country, with an Asset Under Management (AUM) of more than five lakh crore rupees.

There is a big reshuffle in the mutual fund industry of the country. Based on Asset Under Management (AUM), ABI Mutual Fund retained its position at number one, the same HDFC Mutual Fund (HDFC Mutual Fund) has slipped from number two to number three. ICICI Prudential has climbed from the third position to the second position. This information is obtained from the portfolio disclosure on AMC’s website.

In April ’21 month, ABI Mutual Fund (SBI MF) retains its number one position with an AUM of Rs 5.11 lakh crore. Asset under management of HDFC mutual fund i.e. AUM is Rs 4.07 lakh crore, while ICICI Prudential Mutual Fund has AUM of Rs 4.12 lakh crore.

Mutual fund experts say that ICICI Prudential Mutual Fund has outperformed in schemes like equity, debt and hybrids for the past one year. Whatever decision it has taken in equity has been taken keeping in mind the value. This fund house has given better returns to investors in a year. If you talk about debt, then this debt has been able to give positive returns to investors. When it comes to hybrid funds, this fund house constantly focuses on asset allocation. Asset allocation gives investors the advantage that when the market is up, the investment in it decreases and when the market is down, the investment in it becomes more. This gives investors a better return.

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Trade between India and China increased, our country’s exports were fast

According to data released by the Ministry of Commerce and Industry, India imported $ 65.21 billion from China in 2020-21. Trade between India and China was $ 65.26 billion in the previous year.

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India China

Trade between India and China has increased between India and China in 2020-21. It is surprising that this has happened in a year when global trade has declined due to the lockdown in many countries to prevent the corona epidemic from spreading.
In the same year, there was tension between the two countries over the issue of border and a prohibitive atmosphere was created against China by taking Chinese app, mobile and investment in India.

According to data released by the Ministry of Commerce and Industry, India imported $ 65.21 billion from China in 2020-21. The figure was $ 65.26 billion in the previous year.

However, exports from India to China stood at $ 21.19 billion, a 27.5 percent increase over the previous year.
Imports of telecom devices declined to $ 6.48 billion due to the central government encouraging local manufacturing and assembly of mobile phone ports. It was $ 15.59 billion in the previous year.

Sugar chemicals continue to be a major source of ingredients for India, particularly for the pharmaceutical industry. Their demand has increased due to increasing demand for medicines. However, the import of automobile components from China has decreased. Iron ore, steel and organic chemicals were exported more from the country to China. Exports were higher due to increase in global prices of steel along with iron ore and this is one of the biggest reasons behind increasing exports from China to China.

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