what is SSI

[yujin kim]

Dear sir

 

Our company has established in 2006. and now we found we don't have SSI certificate.

Our consultancy about EPCG told us to apply for SSI for renewing EPCG license.

We are confused why we should apply for SSI after 5years since establishment.

and what kind of benefit under SSI? (small scale industry)

[MANDAVILLI RAMAKRISHNA]

As per RBI guide lines, banks have to fund to SSI so as to encourage small and medium enterprises inthe back drop of the spirit of the Govt. to encourage self employment and also to give support and shelter for small and medium units.

hence so as to get benefits viz., low rate of interest, priority credit etc., banks advise to go for SSI registration. If you do not opt SSI registration, banks will not bother, but you will miss the advantages. So even though, you have started operations long back, now you can go for Permanent registration or provisional registration also by contacting local industries department.  Normally permanent regstn is for the units who completed allthe purchases of machinery and set up their unit totyally provisional restn for those who want to go for further purchases of machinery.

regards

ramakrishna

visakhapatnam

ph no. 9000016080

[email protected]

AI Summary

Established Business Considers SSI Certificate for EPCG License Renewal; Benefits Include Lower Interest Rates, Priority Credit. A company established in 2006 is seeking advice on whether to apply for an SSI (Small Scale Industry) certificate to renew their EPCG license. A consultant recommended obtaining the SSI certificate, but the company is unsure of its benefits. A respondent explained that banks, following RBI guidelines, offer benefits like lower interest rates and priority credit to SSI-registered businesses to support small and medium enterprises. The respondent advised that even established businesses can apply for either permanent or provisional SSI registration through local industry departments to access these advantages.