Director I&C holds meeting regarding Trade Receivables Discounting System (TReDS)

Jammu: Director Industries and Commerce Anoo Malhotra today chaired a meeting with various industrial associations of Jammu regarding issues faced by the industrial units during working in the lockdown period.
President of Association of Industries Samba, Vijay Agarwal, raised the issue of closure of industrial units in case the driver of trucks bringing raw material was found Covid-19 positive. He further demanded that production should not stop, instead only the section and person should be isolated when he tests Covid-19 positive. It was decided that circular instructions regarding loading/unloading of materials and conduct of workers in the factory premises will be issued and district administration shall be requested to permit operations in case circular instructions are being followed and it will be requested that only the affected portion will be sealed.
President Kathua Industrial Association, Ajit Bawa brought into the notice that raw material of cement industry is not readily available and lifting of extracted minerals and mining may also be allowed.
Senior vice president association of industries Gangyal, Bansi Lal Gupta requested that two wheelers must be allowed for factory works and requirement of passes shall be done away with. Suraj Bansal of Saraswati Group of Industries requested for enhancement of permitted labour from 30% to 50% within the Industrial Estates.
Director I&C informed entrepreneurs about the Trade Receivables Discounting System (TReDS) which is being implemented in the Union Territory of J&K for maintaining the liquidity of MSMEs. TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers.
These receivables can be due from Corporates and other buyers, including Central Public Sector Undertakings (CPSUs). Sellers, buyers and financiers are the participants on a TReDS platform. Only MSMEs can participate as sellers in TReDS. Corporates, CPSUs and any other entity can participate as buyers in TReDS. Banks, NBFC – Factors and other financial institutions as permitted by the Reserve Bank of India (RBI), can participate as financiers in TReDS.
Commissioner Secretary I&C Mr. Manoj Kumar Dwivedi has emphasized that MSMEs of Jammu and Kashmir shall avail the facility of TReDS which will help in maintaining liquidity in the market as MSMEs will get easy and quick working capital at much cheaper interest rates as compared to business loans and they will enjoy collateral-free quick finance with one time documentation.
Deliberations were carried on the scope of TReDs in the Union Territory of Jammu and Kashmir. The presidents of different associations showed a keen interest in this new scheme and were further of the opinion that the TReDS platform is definitely going to help to maintain the liquidity in the hands of the Entrepreneurs by providing immediate cash in the hands of sellers. The Entrepreneurs were requested to complete the IDS subsidy cases at the earliest so that the cases be placed before the SLC at the earliest. Further all were requested to complete the UAM registrations.
In continuation of efforts put forward by various industrial units under CSR Bari Brahmana industrial association donated 100 PPE kits to Director Industries and Commerce for further distribution to the corona warriors like doctors, paramedics and the persons involved with the migrant movements. The kits were provided by T S Bedi Plant Head M/s Jai Beverages Bari Brahmana Jammu.
Lalit Mahajan President and Chairman Federation of Industries Jammu, Tarun Singla Senior Vice President BBIA, Ajay Langer Vice President BBIA, Rajesh Jain Secretary BBIA, Vivek Singhal Treasurer BBIA, L S Puri Secretary General Federation of Industries Jammu were also present on the occasion.
It is pertinent to mention here that the Industrialists of Jammu have donated masks, sanitizers PPE kits, Thermal Scanners, Sanitizers, ration kits and other items during the lockdown due to COVID-19.
Pertinently, the industrial sector of J&K has also donated about Rs 32,11,000 in cash in various relief funds like PM Cares Fund, J&K Relief Fund and State Disaster Management Authority . The Director I&C, Jammu thanked the industrialists and appreciated their efforts. She also appealed to the other Industrialists to come forward and help the needy.