Liberalized Authorised Economic Operator Package for MSMEs:
Central Board of Indirect Taxes & Customs - CBIC launches the Micro Small and Medium Enterprises Flagship Liberalized Approved Economic Operator Package (MSMEs).
Highlights:
♦ "A replacement initiative to launch the flagship product "Liberalized MSME AEO Kit" for Micro Small and Medium Enterprises (MSMEs) has been adopted by the Central Board of Indirect Taxes & Customs - CBIC to recognise rapid customs clearance.
♦ CBIC (Central Board of Indirect Taxes & Customs) has relaxed the compliance requirements in order to attract and luxuriate MSMEs to become Approved Economic Operators (AEOs) provided the MSMEs have a valid certificate from their line-ministry.
♦ The` Liberalized MSME AEO Box` framework may also be a voluntary enforcement programme that provides qualified stakeholders within the worldwide supply chain with faster customs clearance services (namely importers, exporters, logistics service providers, custodians, etc.).
♦ Relaxed conditions allowing micro-small and medium-sized enterprises (MSMEs) to use the scheme if they apply a minimum of 10 customs clearance documents within 1 year and have valid enforcement documents within 2 years.
Japan Provides Loan To India:
Japan & India signed a 50 billion loan agreement in support of India`s economic support programme for the pandemic-affected poor and disadvantaged groups.
Highlights:
♦ The loan may also be an Official Development Assistance Neighborhood of Japan - ODA loan.
♦ Official Development Assistance is described as government assistance designed to support the economic development and welfare of developing countries.
♦ The loan`s average interest rate is 0.65%, and so the maturity period is 15 years, with a 5-year grace period.
♦ Help goals are aimed at supporting programmes of the Indian Government, such as Pradhan Mantri Garib Kalyan Yojana (PMGKY), which aims to minimise socio-economic impact and strengthen socio-economic institutions.
♦ This includes proposals to provide food to the needy and vulnerable communities, to provide construction workers with assistance and encouragement, and plans to provide special insurance for doctors fighting against Covid-19. It is to enforce the Indian government`s health and medical policies and is expected to guide the development of the hospital equipped with medical assistance units (ICU) and infection prevention units and management facilities. In many villages in India, digital technology is additionally expected to strengthen telemedicine.
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