- The changes have been made to boost MSMEs productivity through access to credit at reduced cost.
- The modifications to the scheme include:
- Settlement of claims based on internal or concurrent auditor certificate and submission of statutory auditor's certificate once by June, 2020.
- Acceptance of claims in multiple lots for a given half year by eligible institutions.
- Requirement of Udyog Aadhar Number, UAN is dispensed with for units eligible for GST.
- Trading activities without UAN have been made eligible.
- The last date of submission of claims for the half-yearly period ended 31st March 2019, has now been extended till 31st December 2019.
- Prime Minister Narendra Modi launched the Interest Subvention Scheme for MSMEs in November 2018.
- As part of access to credit, Prime Minister announced 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans.
- Small Industries Development Bank of India (SIDBI) is the nodal agency for the implementation of the scheme.
- The “Interest Subvention Scheme for Incremental credit to MSMEs 2018” will be implemented over 2018-19 and 2019-20.
- The Scheme will be in operation for a period of two financial years FY 2019 and FY 2020.
Question:
Q.1 The Interest Subvention Scheme for MSMEs is/was launched in___________?a. 2016
b. 2017
c. 2018
d. 2019