The News Scroll 23 June 2017  Last Updated at 7:19 pm | Source: PTI

Resurgent requests govt to relax NPA recognition norms for SME

"The big suppliers take longer time for payment and with the rollout of GST, MSME companies can claim the input credit only after the supplier has made payment This will lead to blocking of 15-17 per cent of the capital of MSME companies, slipping them into NPA category," Resurgent India MD Jyoti Prakash Gadia said

Resurgent requests govt to relax NPA recognition norms for SME
outlookindia.com
1970-01-01T05:30:00+0530

New Delhi, Jun 23 Financial advisory services provider Resurgent India, today requested the government to extend non-performing asset (NPA) recognition norms for MSMEs to 180 days from the current three months period as they have been facing difficult time.

The micro, small and medium enterprises (MSMEs) have had a testing time in the past few years, especially with respect to bank loans and NPAs hitting expansion and growth of the sector, Resurgent India said in a statement.

"The big suppliers take longer time for payment and with the rollout of GST, MSME companies can claim the input credit only after the supplier has made payment. This will lead to blocking of 15-17 per cent of the capital of MSME companies, slipping them into NPA category," Resurgent India MD Jyoti Prakash Gadia said.

Therefore, extending of the NPA recognition norms to 180 days can be a game changer for the MSMEs in India as it will consequently reduce the NPA by almost 50 per cent, he said.

Currently, MSME works on a profit margin of 5-7 per cent.

*****************

Storecheq launches digital gifting currency *Cashing in on the e-wave, Storecheq Innovation has created Storecheq.Com to enable people to send digital gifting currency to their loved ones.

The GiftTech platform, has been established to transform the gifting industry with new age digital gifting innovations.

Storecheq will enable senders, receivers, retailers, brands and fintech players with easy and effortless gifting solutions.

"Storecheq provides a digital gifting currency, which is universally acceptable across hundreds of retail and online brands. With Storecheq, you can now gift and redeem instantly on the web," the company said in a statement.

New Delhi, Jun 23 The government today relaxed norms for export of bamboo products to promote the shipments.

There is a negligible exports of bamboo from India.

"Export of muli bamboo till March 31, 2019 and bamboo products (except bamboo charcoal, bamboo pulp and unprocessed bamboo shoots) mace from bamboo obtained from legal sources has been permitted," the directorate general of foreign trade said in a notification.

It, however, said these exports are permitted subject to proper documentation and certificate of origin.

This certificate would be issued by the concerned state forest department from where the bamboo has been procured by the purchaser.

Germany is the prominent importer of Indian bamboos.

India's bamboo exports in 2016-17 was only USD 0.05 million (about Rs 32 lakh).

*****************

Synthite Industries inaugurates lab at Wageningen University *Spice oils and oleoresins supplier Synthite Industries today said it has inaugurated its office-cum-laboratory at the Wageningen University campus in Netherlands.

The company which has customers like Pepsico, Nestle and Unilever has a target to achieve Rs 3,000 crore turnover by 2020.

Synthite Group Managing Director Viju Jacob said: "Our Europe office will be manned by employees from Netherlands and we are sure, Synthite will soon increase its customer base as well as sales volume in the European continent."

*****************

Globetouch acquires Indian start-up Teramatrix Technologies *US based technology firm Globetouch has acquired Indian IoT start-up Teramatrix Technologies for an undisclosed amount.

"The addition of Teramatrix significantly improves our IoT (internet-of-things) and Connected Car strategies. We will be using our Cloud SIM and xFusion IoT technologies to enable the future of autonomous cars," Globetouch CEO Riccardo Di Blasio said in a statement.

Teramatrix developed a software platform that can enable cross industrial applications to enhance customer satisfaction and operational intelligence by analysing data emanating from devices, sensors, enterprise apps, workforce and customers.

The start-up firm, founded in 2013, has been serving automobile companies Tata Motors, Hero Motocorp, Volvo, Eicher etc.

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds.
Next Story :
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store