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SEPTEMBER - 2019
If Banks Deny Loan to MSME, They Are Answerable
Has your banker refused to give you, a
small entrepreneur, a loan, even though
you have fulfilled the requirements of the
loan? If so, don't worry. There may be a
delay, but the loan cannot be denied.
At least, that is what one can infer from an
announcement made by Union Minister of
State for MSMSE, Sri Pratap Chandra
Sarangi who has informed that Banks
might be made answerable in future for
refusing loans to eligible MSME players.
Admitting that the small sector is often
hampered due to non-cooperation of
banks, the Minister said his Ministry was
Everything to know about Code on Wages Bill 2019
With the passing of the Code on Wages Bill
2019 by both the Lok Sabha and the Rajya
Sabha, it is extremely necessary that the
Member-units and MSMEs in Peenya
Industrial Area know about its
implications and ramifications. A gist of
the Code on Wages Bill, 2019 is given
below for their ready reference:
After the passing of the Code on Wages Bill,
2019 by both Houses of Parliament, the
Bill will become an Act after Presidential
assent.
It will be the first Code to become an Act
out of the four Codes formulated by the
Ministry of Labour & Employment, viz.
· Code on Wages
· Industrial Relations
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in talks with the Finance Ministry to
address the issue and will together find a
solution to this avoidable issue.
PIA President, Sri Srinivas Asranna
urged all Member-units in Peenya
Industrial Area and surrounding
industrial estates in particular to
inform PIA if they are facing any
unnecessary obstacle in loan sanctions
by the Banks and also suggested that
the Member-unit loan applicant should
politely inform the Banks that they are
answerable for their decision on the
loan proposal, as per the Ministry of
MSME.
· Social Security and Occupational
Safety
· Health and Working Conditions
The Ministry of Labour & Employment
aims to simplify, rationalise and
amalgamate various labour laws into four
Labour Codes in line with the
recommendations of the second National
Commission on Labour.
According to official statements, the Code
on Wages 2019 will ensure statutory
protection for minimum wages and timely
payment of wages to approximately 50
crore workers of organized as well as
unorganized sector.
In another matter of special significance to
the MSME sector, according to the Labour
& Employment Ministry with a view to do
away with regional imbalances and wage
variations, will determine a floor wage that
will be decided by a Tripartite Committee.
The Committee will comprise of
representatives of Trade Unions,
Employers Organizations and State
Governments. Committee can also form
Technical Committee if required.