: Traders expect package similar to MSMEs: CAIT #FinanceIndia #StockMarketNEWS Traders expect package similar to MSMEs: CAIT New Delhi, May 14 (KNN) The Confederation of India Traders (CAIT) on Thursday

@StockMarketNEWS Tue 19 May, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Traders expect package similar to MSMEs: CAIT #FinanceIndia #StockMarketNEWS
Traders expect package similar to MSMEs: CAIT New Delhi, May 14 (KNN) The Confederation of India Traders (CAIT) on Thursday said that the traders are expecting a similar package for themselves in order to deal with possible financial crunch post COVID-19.

After a huge substantial economic package for MSME sector announced by the Finance Minister Nirmala Sitharaman yesterday, now the traders in retail trade of the country are expecting a similar package, said CAIT in a statement.

The traders across country are much under financial distress and express that if government do not handhold the trading community, about 20% small business across Country will be forced to die a natural death, it added.

CAIT National President B C Bhartia & Secretary General Praveen Khandelwal said that the traders wish list includes financial support for payment of salary to their employees, waiver for payment of interest for the period of lockdown on loans taken by traders from Banks including Cash Credit, Overdraft or term loan accounts, Extension of cap in Mudra loans from Rs.10 lakh to Rs.25 lakh, waiver of contribution of employer in ESI & Provident Fund.

The CAIT has suggested the government to pay the employer contribution in ESI from ESI fund which has about Rs.91,000 crores of Rupees and payment of Provident Fund from Labour Welfare Fund, they said.

The government should instruct the banks to provide a Corona Cash loan to traders with a minimal rate of interest @3 % to be repaid in 60 equal instalments beginning January,2021. This loan should not be adjusted against any loan and should be provided to the traders as working capital, they demanded.

The CAIT has also demanded that under Trade Receivable Scheme of RBI, the cap of turnover of Buyers should be reduced from Rs.300 crore to Rs.10 crore for one year to enable the traders to get their Bills discounted under the above scheme.

The duo further said that in order to boost and encourage digital payments, the bank charges levied on digital payment transactions should be waived off from traders and consumers and the government should directly subsidise the said amount to Banks as per their mutual understanding.