TEA Requests For One TIime Exemption

TEA Requests For One Time Exemption from MODT Pay

In a press release issued today, Raja M. Shanmugham, President said after the Finance Ministry’s announcement of stimulus measures for the MSMEs, including 20% of entire outstanding credit as a collateral free loan, when the exporting members approached the Banks to avail the loans, the banks are insisting to submit the MEMORANDUM OF DEPOSIT OF THE TITLE DEED (MODT) after registering at the Sub-Registrar Office.

He said while registering, the exporting units have to pay the Stamp-Duty Charges against the loan amount as fixed by the Tamil Nadu State Government.

As the MSMEs are currently struggling to meet their financial end due to COVID-19 impact, and mainly to ease of the financial stress on them at this juncture, Raja M. Shanmugham said he has requested the industry friendly Tamil Nadu Chief Minister to advice to provide one time exemption from the payment of the MODT Charges and help the MSMEs at this hour of liquidity crisis and help them to strive hard and bring back their business to normalcy.

After taking into account all positive developments in Coimbatore, Tirupur and Erode districts. He further said he has also appealed to the Chief Minister to permit for operating transportation of buses with more frequent for the people movement and also workers located outside sub urban and villages turning up for jobs to Tirupur.

He is hopeful that both his requisitions would be considered positively by Tamil Nadu Government.