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.
More From This Section
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.
Disclaimer: No Business Standard Journalist was involved in creation of this content