Incentive package to MSME a good move: ICAI Jamshedpur

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Jamshedpur, Aug 8: The Jamshedpur branch of the Institute of Chartered Accountants of India (ICAI) organized a webinar that discussed the central government’s announcement of an incentive package for MSME sector. The main speakers in this special webinar were Bank of Baroda’s DGM Jagdish Tungaria (Jamshedpur), SBI, Jamshedpur RM (RBO) Sanjay Kumar Jha, SBI (Ranchi) AGM Manish Kumar and bank of India’s AGM (SME) Rajesh Kumar. ICAI (CIRC) secretary Dinesh Kumar Jain presided the webinar.

The speakers stated that the government’s attempt through provision of this incentive package for MSMEs was a good attempt to revive the sagging economy in general and that of the industrial sectors in particular. They said that this incentive would also bring about more market liquidity.

It may be mentioned here that Rs Three lakh crore is being provided as bank loans to MSME sector as incentive. The conditions for such loans include that as of 29.2.2020 the balance of loans should not exceed Rs 50 crore and the turnover for the FY 2019-2020 should not be more than Rs 250 crore. Another condition stipulated for availing of this incentive package loan is that the accounts as of 29.2. 2020 should not reflect debit figures for a period of 60 days. If these conditions are fulfilled by a MSME unit a relief loan of upto 20 percent of the outstanding loan amount may be sanctioned at minimum interest. The speakers said that this incentive package was a positive move to revive the financial status of MSME sector industries.

The speakers also pointed out that that the government had come out with provisions for those industries that had been marked as NPA (Non Performing Assets) units since 31.03. 2018. Such units would be provided loans amounting upto 15 percent of the capital investment or Rs 75 lakh whichever was lower. This is aimed at revival of these NPA declared units.

The webinar was anchored by ICAI Jamshedpur secretary Sugam Saraiwala. The introductory address was provided by unit chairman Sanjay Goyal. More than 500 chartered accountants benefitted from this webinar. The organizing team included chartered accountants Nilesh Gupta, Pankaj Shingari, Siddharth Khandelwal, Yogesh Sharma and Binod Saraiwala.

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