45-day payment rule: New fund will work with banks to help MSME units, says FM Sitharaman

Quick Summary:

Finance Minister Nirmala Sitharaman revealed that the government is establishing a new fund to help MSMEs facing financial issues due to delayed payments.

The budget has also offered collateral-free loans for MSMEs and proposed a Rs 1000 crore venture capital fund for the space sector.

Traders must now clear MSME bills within 45 days according to Section 43B(h) of the Income Tax Act.

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Article Details

Author / Journalist: ET Bureau

Category: Business

Markets: IndiaChina

Topics: MSME units Venture Capital 45-day payment rule Nirmala Sitharaman SIDBI Banks Finance Minister Financial distress Income tax act 1961 Working capital

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-28 @ 19:04:15 (23 hours ago)

News Timezone: GMT +8:00

News Source URL: economictimes.indiatimes.com

Language: English

Article Length: 684 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Economic Times

News ID: 21818574

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Official Website: economictimes.indiatimes.com

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