Economy

SIDBI (Amendment) Bill 2012 introduced in LS

K. R. Srivats New Delhi | Updated on March 12, 2018 Published on May 22, 2012

Small-sized enterprises engaged in floriculture, development of tourism-related activities, rendering financial assistance by way of venture capital, development of roads, construction and entertainment (including film) industry have cause for cheer.

Such firms may in the coming days be eligible for direct finance by the Small Industries Development Bank of India (SIDBI) so long as they fall within a specified investment limit.

Industrial concern

A Bill to empower SIDBI to specify by unanimous resolution the investment limit for the purpose of industrial concern was introduced by the Finance Minister, Mr Pranab Mukherjee, in the Lok Sabha today.

The definition of “industrial concern’’ is also proposed to be expanded to cover activities such as floriculture, setting up or development of tourism-related facilities, construction and entertainment industry.

SIDBI (Amendment) Bill

The SIDBI (Amendment) Bill 2012 also proposes to enable SIDBI to accept repayment of foreign currency loans in foreign currency and maintaining foreign currency loan accounts as required under any law or accounting standards.

SIDBI was set up for the purpose of promoting, financing and development of “industrial concerns in the small-scale sector’’.

Since its inception, the SIDBI is operating as a principal financial institution for the development of industrial concerns in the small-scale sector.    

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Published on May 22, 2012
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