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Tuesday, Dec 21, 2004

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PHDCCI for effective debt restructuring scheme for SMEs

Our Bureau

New Delhi , Dec. 20

PHD Chamber of Commerce and Industry (PHDCCI) on Monday called for the formulation of an effective, borrower-friendly and optional debt restructuring scheme for small-scale industries. Such measures will not only benefit small enterprises, but will also help banks reduce their non-performing assets.

The chamber said in a statement that along with the borrower and bankers, other stakeholders, including the Central and State-level financial institutions, should also be involved in this mechanism. To provide greater financial flexibility, the threshold limit for eligibility under this mechanism should be Rs 2 crore onwards.

PHDCCI suggested that in the long-run, the proposed scheme should also cover partnership firms and sole proprietors, albeit with different cut-off limits.

Also, it mooted that to spur banks to undertake and implement such debt restructuring schemes, appropriate tax breaks should be given to bankers.

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