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Popular Articles

GE Capital Business Process Management Services bags award
GE Capital Business Process Management Services has bagged "Asia"s Best Mature Captive Services Delivery" award for credit card operations.

Bajaj Auto up on expansion plan
Bajaj Auto shares rose 6.52 per cent to Rs 1,304.5 on the proposed increase in its motorcycle production. Bajaj’s plan to raise domestic motorcycle production by about 25 per cent in August 2009 came as a response to stronger demand in the segment.

News of the day

Better pricing drew more fliers in Apr
Domestic air traffic in April was 14.8 per cent less compared to the same period last year. On the other hand, passenger load factors for all carriers rose significantly compared to the previous month, as a result of smarter pricing and cuts in capacity.
International Business

Chandigarh fastner units for uniform MSMED Act

Chandigarh Industrial Fastener Association (CIFA) has sought the implementation of Micro Small and Medium Enterprise Development (MSMED) Act 2006 in letter and spirit. - Orissa SMEs resent delay in notifying incentives CIFA president A L Aggarwal said the Act though made clear distinction between micro and small scale units, many banks, while granting loans to fastener units, were not making such clear distinctions. Chandigarh has around 300-325 registered and unregistered fastener units, of which 90 per cent are in micro category and 10 per cent in small category. According to Aggarwal, the fastener industry in Chandigarh generates business close to Rs 170-180 crore. Aggarwal rued that while according to MSMED Act banks should have different rates of interest for lending to the micro and small units, yet most banks in the region were giving loans to micro units at higher rates. Aggarwal added while the Act clearly outlined that payments to micro and small units should be released in maximum 45 days within receipt of material, it was not being followed in true spirit.


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