DPIIT seeks comments from industry associations on simplification procedure of filing Industrial Entrepreneur Memorandum

ENA Sectors 2019-03-05 09:53:40 New Delhi, Mar 5 (KNN) The Department of Promotion of Industry and Internal Trade (DPIIT) has sought comments of industry associations including Federation of Indian Micro and Small & Medium Enterprises (FISME) on the proposed draft note on simplification of filing procedure for Industrial Entrepreneur Memorandums (IEMs). The department proposed to simplify procedures of filing IEM by substituting IEM in two parts namely IEM Part A and IEM Part B with a single IEM to be filed within 120 days of commencing commercial production. It said As a measure to improve ease of doing business, the extant requirement of filing IEMs at two stages (IEM Part A: Intent and IEM Part B: Implementation) stands dispensed with for all business not requiring an industrial license . With regard to this, the Ministry of Commerce & Industrys arm DPIIT has asked for the comments of industry associations on the draft note and on the revised format of IEM latest by March 31, 2019. According to the draft, in respect of new projects for manufacturing of articles not covered by the compulsory licensing of their substantial expansion, the only requirement will be to file a memorandum. The memorandum will have to be filed online using services provided on the website of department within 120 days of commencement of commercial production, it said. The department will expeditiously acknowledge the receipt of the memorandum. No acknowledgement shall be refused for the reason that the memorandum is filed after 120 days, it added. As per annual report of the department, all units that are exempted from obtaining an industrial license, and invest more than Rs 10 crore in plant and machinery (Rs 5 crore for the services sector) are required to file an IEM with the government. Filling an IEM is primarily for the purpose of collecting data about the delicensed sector on proposed investment and type of industrial activity. It was started in August 1991. (KNN/YV) 22188 https://knnindia.co.in/news/newsdetails/sectors/dpiit-seeks-comments-from-industry-associations-on-simplification-procedure-of-filing-industrial-entrepreneur-memorandum 2019-03-05 09:53:40 knnindia.co.in DPIIT seeks comments from industry associations on simplification procedure of filing Industrial Entrepreneur Memorandum