National small industrial corporation

National small industrial corporation

NSIC was Established by the government of India in 1955 ,

Under Ministry of Micro, Small & Medium Enterprises of India (MSME).

Their aim is to support financing the purchase of Raw materials at low cost,

So, they can manufacturer good quality of product.

NSIC short term financing comprises of following :-

RAW

Bill discount

Purpose of NSIC Raw material scheme :-

To arrange and provide raw materials as per need of the manufacturing unit.

Provide financial assistance for obtaining raw materials against the bank guarantee up to 90 days.

MSMEs help’s to avail Economics of Purchases like bulk purchase; cash discount etc.

NSIC handles all the legal, documentation & issue of Letter of Credit, in case of imports.

Bill discount scheme:-

This Scheme will cover discounting of bills arising out of genuine trade

Transactions, i.e. purchase of materials for supplies by MSMEs to reputed Public

Limited Companies / State and Central Govt. Departments /

Undertakings / Private Limited Companies (not traders), engaged in

manufacturing / service activities.

In this scheme all traders are excluded.

Who can apply?

All Micro and Small entities who are:
Registered with the Director of Industries (DI) or
Registered with District Industries Centers (DIC).

Under the single point registration scheme of NSIC all manufacturing or service enterprises are having acknowledgement of enterprises memorandum are eligible.

Provisional registration certificate is issued for those MSEs under a single registration scheme to a monetary limit of 5 lakh, who have started their commercial production But not completed one year of existence,
This provisional certificate is valid for 1 year.

Document required:-

Documents required for the application are as follows :-

Passport size photograph of the directors and partners.

Self attested photocopy of the documents:-

MSMEs registration number or acknowledgement number.

GST registration certificate

Sales tax certificates

Self attested declaration of the individual personal assets and liabilities along with the residential address of directors and partners.

In case of private limited company copies of following document has to be submitted:-

board resolution of PVT. company.

memorandum of association along with the list of directors has to be submitted.

Partnership Deed duly notarized in the case of Partnership concern.

attorney in case of partnership.

Specimen signature should be attested from the bank.

Copy of sanction letter for credit limit authorized by the bank other than the bank which issues bank guarantee.

Audited or provisional financial deceleration of units such as profit and loss of:-

last year audited statement.

Provisional current year financial statement.

If applying for renewal:-

Submit original GP REGISTRATION certificate.

With along copy of acknowledgement of entrepreneurs memorandum part-II.

List of major government orders executed during last 2 years.

A Copy of last three years audited balance sheet attested by the authorized person’s seal and sign.

Annexure-C of GP application form signed by a chartered accountant.

List of addition or deletion to the plant and its machinery after the initial registration.

Annexure-D & E duly signed by MSE.

Validity period of the certificate

The validity of the certificate is up to 2years from the date of issue,

It has to be reviewed by NSIC and renewed within every 2 years.

Registration fees :-

Registration fees for NSIC is based upon the turnover of the MSE as per the latest audited financial statement.

Turnover less than 1 crore for Micro enterprises RS3000/- FOR Small enterprises RS5000/-.

If turnover is more than crore for ME:-3000PLUS and 1500 for every additional crore, for SE RS 5000PLUS and RS 2000for every additional crore .

How to apply ?

For applying PLEASE follow the given step:-

Click on the link given below :-

http://www.nsic.co.in/Home.aspx

Scroll down at the end click on the download form ,

Fill the form with details ,submit it to the nearest branch enclosing with documents.

-BY COMPANY VAKIL LEGAL BLOG INDIA.

 

Summary
Article Name
Raw material assistance and bill discount scheme by NSIC
Description
What is NSIC It's scheme RMA and bill discount. Who can apply? Registration fees Documents required How to apply for registration and renewal process
Author