Port Wings Maritime Exim Weekly Newspaper 13 May 2020 Issue

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May 13th - 19th Issue

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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741

Wednesday, May 13, 2020

8 Pages

To Build Self-reliant India, Govt Sets New Investment, Turnover Limit for MSMEs New Delhi Port Wings News Network inance minister Nirmala Sitharaman on 13 May 2020 said the government has revised the definition for micro, small and medium enterprises, setting higher limits for investment and turnover to help them grow, according to a news report on Livemint online. The new limits will replace the earlier definition that relied on self-declared investment on plant and machinery to align them better with goods and services tax (GST) regime, besides encouraging ease of doing business. In case of micro manufacturing and service enterprises, the investment limit has been increased to up to ₹1 crore and turnover limit has been raised to up to ₹5 crore. Till now, for micro manufacturing enterprises, the investment limit was ₹25 lakhs and ₹10 lakh for the service sector.

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“Some MSMEs felt that if they outgrow in size (as per current definition), they will lose the benefit (given to t h e m ) . Nirmala Sitharaman That is the Finance minister reason for a change in definition," Sitharaman said. The minister said the new definition will need amendments in the law. The change in the definition is part of the several other announcements made by the finance minister to support small business tide through the pandemic-induced lockdown. Sitharaman also announced credit guaranteed loans to micro, small and medium enterprises (MSMEs), expected to help about 4.5 million

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Exporters Hail Stimulus Measures Chennai

units to get back to business. Announcing the details of the ₹20 trillion fiscal stimulus package, she said the collateral free, automatic loans will benefit MSMEs with up to ₹25 crore outstanding loans and ₹100 crore sales. The size of the scheme is ₹3 trillion, the minister said, adding that loans will have a moratorium of 12 months. "The loans are 100% credit guaranteed as a cover to banks and non-banking finance companies on principal and interest. This will be available till 31 October. No fresh collateral required." MSMEs, considered key drivers of job creation and economic growth, have been the worst hit by the lockdown, in place since 25 March, that brought economic activity to a near standstill. MSMEs account for about 45% of manufacturing output, over 40% of exports, more than 28% of gross domestic product (GDP) and employs about 111 million people. Contd. on page -2

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Port Wings News Network irupur Exporters Association (TEA) on 13 May 2020 thanked the Prime Minister Narendra Modi, Union Finance Minister Nirmala Sitharaman for laying out comprehensive vision to spur growth and become Self-reliant India with a focus on Aatma Nirbhar Bharat package vision. In a media statement, Shri Raja M Shanmugam, President, TEA, also thanked for announcement of 15 different measures and out of this, 6 for MSMEs, 2 for Employee Provident Fund, and 3 for direct tax related. He appreciated collateral free automatic loan for standard MSMEs, Subordinate Debt for stressed MSMEs, Equity infusion for MSMEs through Fund of Funds and specifically thanked for revising the definition of MSMEs linking with additional criteria of sales annual turnover.

He said continuance of Pradhan Mantri Garib Kalyan Package (PMGKP), payment of 12% of employer and 12% employee contributions into EPF accounts of eligible establishments for another 3 months to salary months of June, July and August 2020 also. He lauded reduction of Employer as well as Employee EPF contribution for Business & Workers for 3 months from 12% to 10% to other than support received under Pradhan Mantri Garib Kalyan Package (PMGKP). He also appreciated other direct tax measures and extension of income tax return filing.

Inside Public Transport May Resume... Pg-2 Pg-3 Financial Stimulus Must for... Chennai Customs Facilitates Relief... Pg-4 Pg-5 FFFAI Hosts 1st Webinar on... Vessel Position at Terminals and Ports... Pg-6 Latest Customs Exchange Rates... Pg-7

Thank You Warriors… Thank you — from everyone at Kakinada Container Terminal management— for the sacrifices you make, every day and especially during this pandemic. Your dedication, commitment and courage deserve our deepest gratitude and admiration. Your service to the nation is saving countless lives and making thousands of differences. The whole world is praising the efforts that are being made by corona warriors like Doctors, Nurses, Health workers, Conservancy staff and Police to ensure everyone’s safety everywhere. People from Logistics industry comprising of Ports, Terminals, Steamer Agents, CHAs, CFS, Fumigation Agencies, Indian Customs officers, Exim related Certification Authorities and most importantly Drivers of all type of Vehicles, have been tirelessly working to deliver essential services. The community of these workers should be given applause for the work. Please accept this thank-you from Kakinada Container Terminal management to express a million thanks to you for your work. Your work deserves appreciation!!! THANK YOU

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RNI No. TNENG/2014/59741 Postal Registration No. TN/CNIGPO/067/2018-2020 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Wednesday, Posted on Tuesday / Wednesday


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