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Govt to introduce special resolution framework for MSMEs
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SME Times News Bureau | 02 Feb, 2021
As India's insolvency regime grows and evolves, micro, small and medium
enterprises (MSME) are set to come under the Insolvency and Bankruptcy
Code.
Presenting the Union Budget for 2021-22, Finance Minister
Nirmala Sitharaman on Monday announced that a special framework for
resolution of bankrupt MSMEs will be introduced.
She also said
that to ensure faster resolution of cases, the NCLT framework will be
strengthened, the e-courts system shall be implemented and alternate
methods of debt resolution will be introduced.
Among other
annoucements for MSMEs, the minister said that in budget, the government
has provided Rs 15,700 crore to this sector, more than double of the
previous budget estimate.
Noting that MSMEs and other user
industries have been severely hit by a recent sharp rise in iron and
steel prices, Sitharaman told the parliament that the government is
reducing customs duty uniformly to 7.5 per cent on semis, flat, and long
products of non-alloy, alloy, and stainless steels.
"To provide
relief to metal re-cyclers, mostly MSMEs, I am exempting duty on steel
scrap for a period up to 31st March, 2022. Further, I am also revoking
ADD and CVD on certain steel products. Also, to provide relief to copper
recyclers, I am reducing duty on copper scrap from 5 per cent to 2.5
per cent," she said.
In another major boost for small companies,
the government has proposed to revise the definition under the Companies
Act, 2013 for small companies by increasing their thresholds for paid
up capital from not exceeding Rs 50 lakh to not exceeding Rs 2 crore and
turnover from not exceeding Rs 2 crore to not exceeding Rs 20 crore.
As per the minister, the move would benefit more than two lakh companies in easing their compliance requirements.
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