After the launch of the PMMY, Banks, NBFCs, and MFIs have approved over 28.68 crore loans worth Rs 14.96 lakh crore.
The Ministry of Finance is committed to providing financial assistance to the socially and economically disadvantaged. The financial needs of all stakeholders, from aspiring entrepreneurs to hardworking farmers, have been met through a variety of initiatives. Pradhan Mantri Mudra Yojana (PMMY) is a crucial initiative in this regard, has given wings to millions of people’s dreams and ambitions, as well as a sense of self-worth and freedom.
On April 8, 2015, the Hon’ble Prime Minister announced the launch of PMMY, which will provide loans up to Rs. 10 lakh to non-corporate, non-farm small/micro enterprises.
CBIC issues verification regulations for new importers, exporters and custom brokers
The Central Board of Indirect Taxes and Customs (CBIC) has issued a new set of rules under the Customs Act to verify exporters, importers, and customs brokers in order to prevent leakage, especially in the case of goods and services tax (GST). Similar rules were recently enacted for the GST.
New importers, exporters, customs brokers, and those listed by a customs commissioner will be required to undergo identity verification, which will include the verification of incorporation papers, Aadhaar, PAN, and physical verification of the business location. If default is found, goods clearance, drawbacks, and refunds can be stopped.
Overall, the government has made a successful decision in terms of preventing tax leakage and increasing GST collections through the implementation of preventive regulations. It is hoped that these regulations would result in improved customs duty collection. Having said that, the government must ensure that legitimate taxpayers are not inconvenienced.