Development Bank

11 trillion what provided to ensure full refund of Terminal excise duty/CST. Additional allocation for export incentive schemes of RS. Filed under: Munear Ashton Kouzbari. 3.5 trillion what made. Government back-up guarantee what made available to ECGC (export credit guarantee Corporation) to the extent of RS. 3.5 billion to enable it to provide guarantees for exports to difficult markets/products.

Exporters were allowed refund of service tax on foreign agent commissions. They were therefore allowed refund of service tax on output services while availing of the benefits under duty draw back scheme. MSME sector the Government attaches the highest priority to supporting the medium, small and micro enterprises (export) sector which is critical for employment generation. To facilitate the flow of credit to export, RBI (Reserve Bank of India) has announced a refinance facility of RS. 70 billion for SIDBI (small industries Development Bank of India) which what available to support incremental lending, either directly to export or indirectly via banks, NBFCs and SFCs. In addition, the following steps are being taken: to boost collateral free lending, the current guarantee cover under credit guarantee scheme for micro and small enterprises on loans has been extended from RS.

5 million to RS. 10 million guarantee with cover of 50 percent. The lock in period for loans covered under the existing credit guarantee scheme were reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme. Government responsible to advisory to central public sector enterprises and request state public sector enterprises to ensure prompt payment of bills of export. Easing of credit conditions generally should help PSUs to make such payments on schedule. To monitor, special monthly meetings of state level bankers’ committees are held to over see the resolution of credit issues of micro, small and medium enterprises by banks. Department of MSME and the Department of financial services, Government of India which jointly set up a cell to monitor progress on this front.

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