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23 Feb 2024, Edition - 3146, Friday

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TN CM urged to provide one time exemption from MODT charges

Covai Post Network


Coimbatore : Tirupur Exporters’ Association (TEA)bSaturday requested Tamil Nadu Chief Minister, K Palanisamy to provide
one time exemption from the payment of Memorandum of Deposit of the Title Deed (MODT) Charges to the banks.

TEA President, Raja.M.Shanmugham, in a statement said that after Finance Ministry’s announcement of stimulus measures for the MSMEs, including 20 per cent of entire outstanding credit as a collateral free loan, the banks are insisting to submit the MODT after registering at the Sub-Registrar Office, when approached for loans.

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, he said and requested the Chief Minister help the MSMEs at this hour of liquidity crisis and strive hard and bring back their business to normalcy.

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

Raja Shanmugham 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, taking into account all positive developments in Coimbatore, Tirupur and Erode districts. 

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