Technology is developing at an unimaginable speed and the rapid change and development is posing the entities with new risks and threats that might make the entities more vulnerable to fraudulent activities and Banking sector is more prone to these frauds as the systems are directly or indirectly approachable by a large number of stakeholders. While development in Technology is inevitable, it is also important to keep a check on the loopholes and probable risk areas to ensure these are identified at an early stage to avoid massive losses.
The biggest challenge that an MSME or a Startup faces if of liquidity of Funds, which is the most important aspect of running the business seamlessly. New enterprises do not have the privilege of enjoying the usual Credit terms which an established organisation does. In fact they usually work by paying advance for procuring goods and services required for their deliverables. In such a situation, a product like bill discounting is no less than a boon to them. Bill discounting is not a new method of short term financing, however, the availability of a digital platform for the same has made it far more accessible for the businesses today. A synopsis of online bill discounting is given below:
1. Definitions & Exceptions:
FEMA: FEMA has 2 classifications:
- Person Resident In India
- Person Resident outside India (NRI)
This note covers the major features of various Bank Account Schemes available to Resident Indian, Non-Resident Indian and Foreign Nationals. Following schemes have been covered under this note:
The objective of this note is to summarise the benefits of the Startup India Scheme
What is the scheme about – Startup India Scheme is an initiative of Government of India first announced in the year 2015. The objective of launching this scheme is to Simplify the procedural aspects relating to licensing and compliance and to enable the promotors to concentrate on the core business requirements. The Scheme not only provides relaxation with respect to compliance, but also provides Tax Exemptions, easy access to Banking Facilities, a number of Pro Bono Services which includes Accounting Software, Financial Services, Marketing Services, etc.