Bangalore, Jan 13 (KNN) In a bid to enhance Micro, Small and Medium Enterprises (MSME), the Federation of Karnataka Chamber of Commerce and Industries (FKCCI) has urged the government to temporarily halt the "Inspector Raj and notification Raj".

FKCCI in its pre-Budget memorandum to Union Finance minister Nirmala Sitharaman on Tuesday said that "Inspector Raj and notification Raj" is a deterrent to the revival of the industries and halting it for the time being would enhance the ease of doing business.

The commerce body also argued for liberal labour laws and reduced minimum wages which will encourage higher employment.

FKCCI president Perikal M Sundar also suggested that the State Financial Corporations (SFCs), which have financed a majority of the MSMEs, should be brought under the purview of the Atmanirbhar package.

"This move will definitely be helpful in reviving the MSMEs financed by the SFCs. Banks should allow MSMEs to operate multiple current accounts for the ease of doing business, " Sundar added.

Welcoming the recent like faceless assessment, faceless appeals and twin system of computation of taxes, the apex body urged the centre to have strict surveillance of medium and large companies to ensure that they disclose a complete data of their outstanding to MSMEs.

"A simple format for balance sheet, profit and loss account and cash flow statement need to be developed for MSMEs," Sundar asserted.