Strengthening existing institutions is more important, because it will be a long time before the new bank becomes operational, said C Rangarajan, former chairman, Economic Advisory Council to the Prime Minister

Beef up existing FIs instead of creating new ones: Bankers

Business Standard

During the current fiscal, stock exchanges saw 12 inital public offers in September on the SME platform, the highest for a month

Rs 236 cr raised by SMEs via IPOs in April-Jan

BS Reporter

Government has decided to increase the number of incubation centres in Karnataka from four to 10 as part of its efforts to boost the micro, small and medium enterprises (MSME) sector, Union Minister for MSME Kalraj Mishra said today. "We have decided that we will run 500 incubation centres in the country; today on women's day I'm announcing that in Karnataka we will be have 10 incubation centres, and as of now there are only four," he said. Speaking at an event organised by the Confederation of Women Entrepreneurs (COWE), Karnataka Chapter here, he said his ministry was working towards encouraging rural, women and youth entrepreneurship. "Our government is giving an impetus to skill development along with the setting up of incubation centres," he added. The Union government in October last year had said it will be opening 500 incubation centres in the country, for boosting the MSME sector. Stating that this year's Union Budget had given importance to the MSME sector, Mishra pointed out

Karnataka to get six more incubation centres for MSME

Press Trust of India

VAT amount to be excluded while evaluating price bids

MSEs to have level playing field in open tenders

The federation has demanded increase in subsidy of yarn from 10% at present to 20% and establishment of raw material banks in each district, particularly those with high concentration of weavers

Budget no cheer for handloom weavers

Although no exclusive concessions have been announced for SMEs in the Budget speech, they are optimistic about the thrust on infrastructure development

Budget will give manufacturing a boost: SMEs

Additionally, a trade receivables platform has been proposed to finance receivables from corporates and other buyers through financial institutions

Mudra Bank will help start-ups to access funds

Demand has dipped by 60-65% over the last two years and this has resulted in closure of almost 75 units

Real estate slump hits Gujarat steel re-rolling units

Entrepreneurs have welcomed Union Finance Minister Arun Jaitley's proposed Rs 10,000-crore fund, which will act as a catalyst to attract private capital. But it is clear from their observations that how the fund is managed, and by whom, will be crucial.

New fund a great idea, but devil is in the details

We have an advance authorisation issued in January 2011. We want to club it with an advance authorisation issued in June 2012. Can we do that?Yes. As per para 4.20.3 of the Handbook of Procedures, Vol. 1 (HB-1), you can ask for clubbing of advance authorisations that have been issued within 18 months  from the date of issue of the earliest authorisation that is sought to be clubbed, whether such authorisations are valid or not. However, you must account for all the inputs as per the norms. Value addition of the authorisations so clubbed shall be the average of the minimum value addition prescribed and imposed on individual authorisations. Also, for exports made after the export obligation period of the earlier authorisation, you must pay a composition fee of 0.5 per cent of the shortfall in export obligation, as per para 4.20.4 of the HB-1.Can we adjust a shipping bill used or counted for maintaining annual average of one EPCG authorisation for maintaining the annual average of another

'Advance authorisations dating back 18 months can be clubbed'

Q. In response to our request for extension as per commerce ministry notification no.70 dated February 20, 2014, which states that wherever the holder of any EPCG Authorisation is granted relief under Corporate Debt Restructuring (CDR), then such Authorisation holder may be allowed EO extension of three years from the date of approval of the CDR mechanism/scheme, JDGFT, Mumbai has refused to grant extension on the grounds that the finance ministry has not yet amended notification 102/2009-Cus dated September 11, 2009 giving effect to the said change in the FTP.  How shall we proceed?I am surprised that the commerce ministry notification is disregarded by its own officials and the finance ministry. I suggest that you may take up the matter with the head of that office, DGFT and joint secretary (DBK), CBEC. If they do not respond positively, you may approach the High Court with a prayer for appropriate directions to the concerned JDGFT to follow the FTP and to the finance ministry to giv

'Amount not prescribed for bond for provisional release of seized goods'

Please let us know whether we can avail of Focus Product Scheme (FPS) and Duty Drawback on Export to Nepal when payments are received against letter of credit in Indian rupees?

'To qualify for FPS benefits, foreign exchange earnings necessary'

In order to reduce the impact of customs duties on our imports, can we ask our supplier in China to split the value partly into cost of goods and balance into services, assuming that we do not have to pay any taxes on services?Firstly, you may take note that unless covered under the negative list or specifically exempted, service tax is leviable on taxable services provided from abroad and received in India and, as per Rule 2(1)(d)(G) of Service Tax Rules, 1994, the recipient of such service received in India is liable to pay the service tax. Secondly, as per Rule 10(1)( e) of Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, in determining the transaction value, there shall be added to the price actually paid or payable for the imported goods, all other payments actually made or to be made as a condition of sale of the imported goods, by the buyer to the seller, or by the buyer to a third party to satisfy an obligation of the seller to the extent that such paym

'Tax leviable on taxable services provided from abroad and received in India'

We exported our goods under the duty drawback scheme. The exported goods were re-imported for repair and re-export without duty payment, against our bond under notification 158/95-Cus dated November 14, 1995. We failed to re-export. Can we seek payment of only drawback as per notification 94/96-Cus dated December 16, 1996?On almost identical facts, the Supreme Court held in the case of Indian Rayon Industries Ltd. [2008 (229) ELT 3 (SC)] that customs duty is payable as per conditions of the bond executed and that the said notification 94/96-Cus will not be applicable. The Supreme Court said, "Having availed of the benefit of notification, the assessee has necessarily to comply with the conditions of the notification. It goes without saying that the assessee cannot approbate and reprobate…Of course, there is no estoppel against the law but having sought for and taken the benefit of the notification to import goods without payment of duty, it is not open to the assessee to contend that

Customs duty is payable by importer as per conditions of bond executed

Pushpal Shinde now earns some Rs 50,000 a month by selling washing powders under the brand SARA. She also employs four persons

Making entrepreneurs out of the rural and urban poor

The Uttar Pradesh government has urged micro, small and medium enterprises (MSMEs) to invest in technology and innovation for a more sustainable model of growth.The state accounts for about 12 per cent of India's MSMEs. It is home to the largest number of unregistered MSMEs and the third largest number of registered MSMEs among India's states.UP is home to over three million MSMEs, which collectively contribute about 50 per cent of the gross state domestic product (GSDP) and employ 40 million people, directly and indirectly.Addressing the MSME Excellence Summit here, Bhagwat Sharan Gangwar, UP's minister of state for MSME and export promotion, underlined the imperative of investing in technology and innovation for 'zero defect' manufacturing to withstand global competition.The summit, organised by the UP State Council of the Confederation of Indian Industry (CII) here on February 20, was aimed at empowering the state MSME space through information, discussion and redress of grievances.

Invest in innovation and technology, UP tells MSMEs

These small and medium-sized units supply steel and steel alloy components for passenger and commercial vehicles

Forging units seek more supportive policy from FM

The average income of knowledge-based MSMEs increased to Rs 13.97 cr in 2013-14, from Rs 9.10 cr in 2011-12

Knowledge-based MSMEs in service sector grow faster

G Raj Narayan

The entrepreneurial career of G Raj Narayan, has been guided by his twin passions - aerospace and music

Digital veena inventor who beefed up IAF's firepower

Motor fuel has a high evaporation rate, and the margin paid on the quantity of fuel sold is not remunerative

Motor fuel retailers want oil companies to amend rules

India levies amongst the highest duties on import of raw materials and one of the lowest duties on import of finished rubber goods

Rubber SMEs confident of inverted duty correction

SME: Find all the latest news on Small and Medium-Sized Enterprises in India. Explore more for the top headlines about SME sector on Business Standard.

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