Stamp duty relief to MSMEs and street sellers: Telangana main secretary Somesh Kumar | Hyderabad News

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Telangana main secretary Somesh Kumar interacting using a seller at Rythu Bazar in Mehdipatnam.

HYDERABAD: In a step that’s very likely to profit over one lakh Micro Small and Medium Enterprises (MSME) and 3.5 lakh street sellers from the country, the Telangana authorities has waived off stamp duty on several different instruments implemented by them to avail loans in the banks and financial institutions under Honest Emergency Credit Line Scheme (GECL), credit guarantee scheme, PM street sellers’ Atma Nirbhar Bharat in the country.
Chief Secretary Somesh Kumar issued GO 92 exempting stamp duty Friday. The exemptions will be in operation until October 31, 2020. The chief secretary said during a meeting with bankers and collectors, it’s come to the notice of this authorities that lots of MSME and street sellers were facing difficulty in paying stamp duty of Rs 1,000 and Rs 400 respectively particularly throughout the inaugural moment. The problem has been brought into the notice of ministry K Chandrasekhar Rao, who taught the officers to take steps.
“Street sellers will find a charge of Rs 10,000 each in a really low interest rate with no guarantee or security. The entire benefit to the street sellers is very likely to be Rs 350 crore. In the same way, MSME might find financing assistance of Rs 7,300 crore in just two Atmanirbhar schemes,” Somesh Kumar stated.
Meanwhile, the primary secretary together with chief secretary of civil government Arvind Kumar, GHMC commissioner Lokesh Kumar and manager of civil government N Satyanarayana seen rythu bazar in Mehdipatnam on Thursday night. He explained that the government was gathering information of street sellers, who were facing difficulty throughout the lockdown period in the aftermath of the spread of covid-19 from all Urban Local bodies (ULB).
“The government has targeted to enrol 5 lakhs street sellers for issuing identification cards at the Telangana country for sanctioning Rs. 10,000 to every vendor at reduced interest through the lender to be able to assist them from the troubled times. Until now, about two,16,000 street sellers were identified and enrolled,” Somesh Kumar stated.
To accelerate the enrolment in most municipalities and companies, directions were issued to all divisions, public agents, added collectors and commissioners to take part in the street sellers survey to complete it at the earliest, ” he said.
The CS stated identity cards are being issued into the street sellers those that are identified. Street Vendors information has been uploaded daily to day via another App. When the identification cards issued they’re eligible to avail different rewards declared by the authorities. For enrolment the sellers have to create Aadhaar Cards and flocked into the street sellers to collaborate with the Municipal Government in enrolment, he added.

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