FM Sitharaman assures MSMEs to get due amount before this Diwali

Updated:4 weeks, 1 day ago IST

New Delhi, Oct 14 (ANI): Union Minister of Finance Nirmala Sitharaman met Chief Managing Directors (CMDs) of Public Sector in Delhi on October 14. She reviewed the fund flow to stressed MSME (Micro, Small and Medium Enterprises) sector. While speaking to CMDs, Sitharaman assured Micro, Small and Medium Enterprises (MSMEs) that their due amount, owned by other companies will be cleared before this Diwali. She said, “The Corporate Affairs Ministry has a complete list of companies which stated that they owe MSMEs nearly Rs 40,000 crores. Secretary corporate affairs and Secretary banking will ensure that the data, in desegregated form, is given to these banks. The banks then shall make an attempt to approach all of these MSMEs and ask them if want a bill discounting because that is openly claimed by the companies. By 22nd, I have asked them to report back saying if the MSMEs are willing to have the bill discounted and collect the money.” She further said, “I've requested the Secretary MCA to write to all these companies that 'you have claimed this is what has to be paid to the MSMEs. Will you expedite the payment and get that cleared'. So, we are taking a two-pronged approach so that MSMEs, before Diwali, will get the due amount.”

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