MoS Som Prakash Presented Govt Schemes & Programs for Traders
An in-depth information update regarding schemes and programs traders was given by the Minister of State in the Ministry of Commerce and Industry, Shri SomParkash, in a written reply in the Lok Sabha. A number of schemes have been launched for supporting traders. Details of Schemes for supporting Traders are given as under:
1. National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons
Ministry of Labour & Employment has launched “National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons” on 12.09.2019. It is a voluntary and contributory pension scheme. Enrolment to the scheme is done through the Common Service Centres with its network of 3.50 lakh Centres across the country. In addition, eligible persons can also self-enroll through visiting the portal www.maandhan.in. The traders in the age group of 18-40 years with an annual turn over not exceeding Rs. 1.5 crore and are not member of EPFO/ESIC/MPS/PM-SYM or an income tax payer, can join the scheme. Under the scheme, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government. Subscribers, after attaining the age of 60 years, are eligible for a monthly minimum assured pension of Rs. 3,000/-. Life Insurance Corporation (LIC) of India acts as a fund manager and record keeping agency. The LIC is also responsible for managing the pension fund and pension payout. As on 31.01.2021, over 43000 enrolments have taken place under this scheme.
2. Emergency Credit Line Guarantee Scheme (ECLGS)
Emergency Credit Line Guarantee Scheme (ECLGS) was introduced as an emergency measure to combat the unprecedented crisis caused in the wake of Covid-19 pandemic. Under the scheme, credit from Scheduled Commercial Banks, Financial Institutions, Non- Banking Financial Companies is provided to eligible Micro, Small & Medium Enterprise (MSME) units, business enterprises and individual loans for business purposes upto 20% of their outstanding credit as on 29.2.2020. This additional credit is fully covered by a credit guarantee provided by National Credit Guarantee Trustee Company Ltd. (NCGTC). The loans provided under ECLGS have a 12-month moratorium on repayment of principal. The Scheme has been extended through ECLGS 2.0 for the 26 sectors identified by the Kamath Committee and the health care sector. The entities with outstanding credit above Rs. 50 crore and not exceeding Rs. 500 crore as on 29.2.2020 were made eligible under ECLGS 2.0. The scheme is valid till 31.3.2021 or till guarantees for an amount of Rs 3,00,000 crore is sanctioned, whichever is earlier. ECLGS is also available to eligible non-MSME enterprises. As informed by NCGTC, as on 25.1.2021, the cumulative sanctioned amount under the scheme is Rs 2.39 lakh crore.
- A number of schemes have been launched to promote import and export at international level. Details of the Government Schemes to promote import and export at international level are given below:
1. Remission of Duties and Taxes on Exported Products (RoDTEP)
A new Scheme, Remission of Duties and Taxes on Exported Products (RoDTEP) has been operationalized w.e.f 01.01.2021. Department of Revenue (DoR) and the Department of Commerce (DoC) are working to finalize the modalities related to the scheme, including scheme guidelines, exclusion categories etc. The Department of Revenue has constituted a RoDTEP Committee to interact with the all stakeholders, including Exporters, Export Promotion Council and Ministries and to recommend to the Government ceiling rates for items/ sectors identified by the Government. The Committee’s work is ongoing. The disbursal of rebate amounts to individual exporters is to be implemented by the CBIC in an end-to-end digitized environment in the form of electronic transferable duty credit scrips, which will be maintained at the Customs server. The RoDTEP Scheme is based on the principle that taxes and duties are not to be exported and will help stimulate exports by making Indian merchandise cost competitive in international markets.
2. Export Promotion Capital Goods Scheme
Under Export Promotion Capital Goods scheme, the export obligation can be fulfilled directly by the authorisation holder or though a merchant exporter. Even exports though merchant exporter is counted for fulfilling export obligation, provided, the Authorization details of manufacturer is indicated in the export documents.