Bill to aid SSIs on cards

NEW DELHI: THE Small Scale Industry ministry is going to initiate the process of enacting the Small Enterprises Development Bill by the middle of next month. This was disclosed by the secretary (SSI) S K Tuteja in an interactive session with the industry today. The bill which has been pending for more than a year now is expected to address most of the issues currently causing concern to the small scale entities.
Speaking at an interaction with CII members the SSI secretary informed that by July 15, ‘03, the regular process of enactment of the law would be initiated. He added that the ministry is working on a comprehensive plan to simplify indirect taxes on manufacturing unit and that efforts are on to introduce graded (slabs) system of applicability of excise duty, for the SSI sector to gradually uplift themselves to the medium scale level.
On the issue plaguing the SSI sector -- finance, the secretary said that all commercial banks will raise the limit for the composite loan facilities from Rs 25 lakhs to Rs 50 lakhs.
He also said that all banks shall communicate the percentage increase from the previous year, which will be minimum of 10% and will publicly declare their charter for the SSI sector.