Bengaluru: Federation of Karnataka Chamber of Commerce and Industries (FKCCI) delegation met Union Finance Minister Nirmala Sitharaman on Friday and submitted a memorandum for more relief due to Covid-19 crisis.
FKCCI President Sunder said considering the impact of the covid-19 pandemic, MSME discussed the following issues to improve the sector and bring about improvements in corporate business practices with Finance Minister:
Postponement of NPA standards for MSMEs for some years; Sybil Rating for MSMEs for a period of two years; To sanction new loans and to refinance existing loan enhancement process fees; Not forcing extra security for additional debt; Other economic sectors such as Garment, Hotels, Restaurants, Hospitality Institutions and Professional Services; Reducing inflation by reducing GST on commodities needed for daily needs; Petrol and Diesel to be brought under GST; State Level Bankers Committee (SLBC) to represent FKCCI on the boards of major banks and PSUs.
A request was made on the following issues to bring about the necessary reforms in corporate affairs: Support start-ups by exempting stringent and time-consuming means of complying with private employment regulations while raising capital; Allowing angel investors to issue shares at a discounted rate under Series A funding; The New Initiative of Companies and the Return of the LLC Settlement Scheme; Merge Form DPT-3 with Annual Returns to reduce compliance burden for small companies; Waiver of all late filing fees for the financial year 2020-21 under the MCA which reduces eKYC fees from Rs. 5,000 to Rs. 500; Extension of the FLA and the extension of the new CRO for a further month; Substituting Schedule 3 for one year.
Union Minister Nirmala Sitharaman has carefully reviewed all these issues and assured the FKCCI delegation that they would soon discuss the matter with the relevant authorities.
This post was published on July 4, 2021 6:34 pm