MSMEs in Madhya Pradesh demand stamp duty on loans to be reduced by 0.5%

Indore, Mar 23 (KNN) The stamp duty on loans should be brought down by 0.5 per cent as the current rate is much higher as compared to the other states, said Pramod Dafaria, President, Association of Industries Madhya Pradesh (AIMP) highlighting the problems faced by the micro, small and medium enterprises (MSMEs) with regards to banking and finance.

He said the MSMEs and industries are unable to get the benefit of collateral-free loans by banks which is a major financial setback for them.

Speaking at the townhall meeting organised by MSME Development Institute and AIMP, Dafaria suggested that the paperwork formalities must be minimised and online system must be enhanced for loan related work.

“Banks should help small industries in cases of delayed payment so that their cash flow remains intact and production is not affected,” he added.

Hearing the complaints of MSMEs and industries, Reserve Bank of India (RBI) ensured that it will resolve all the problems and will make sure that all industrialists get the same treatment with regards to loans.

“Honest units will get the benefit of interest rate in case of the loans,” said the officials of the central bank.

Anjan Mishra, General Manager of RBI, Bhopal; Anand Yadav, Assistant General Manager, SIDBI and DC Sahu, Director, MSME Development Institute were present at the meeting. (KNN Bureau)