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Sole Proprietorship Business: Pros & Cons
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Work from Home and Work from Anywhere made easier, No distinction between Domestic and International OSPs, Guidelines for Other Service Providers (OSP) further liberalized
Ministry of Communication issued Press release today (23 June 2021):
1. Guidelines for Other Service Providers (OSP) further liberalized: announces Telecom Minister Shri Ravi Shankar Prasad
2. No distinction between Domestic and International OSPs to bring in better synergies among businesses
3. Work from Home and Work from Anywhere made easier
Shri Ravi Shankar Prasad, Union Minister for Electronics & Information Technology, Communications and Law & Justice, announced in a press interaction today that Department of Telecommunication has further liberalized the guidelines for Other Service Providers (OSPs). These entities are business process outsourcing (BPO) organisations giving Voice based services, in India and abroad. The Guidelines issued today further liberalized the special dispensation given to OSPs in addition to the major measures already announced and implemented in November, 2020.
Shri Prasad informed that India’s BPO industry is one of the largest in the world. Today India’s IT-BPM industry stands at US$ 37.6 billion (2019-20) i.e. Rs. 2.8 lakh crores approx. giving job opportunities to lakhs of youths in the country. Further it has a potential for double digit growth reaching upto US$ 55.5 billion i.e. Rs. 3.9 lakh crores by 2025.
AatmaNirbhar Bharat is the key initiative of Govt. led by PM Shri Narendra Modi and steps like Electronics Manufacturing Productivity Linked Incentive scheme,starting dedicated scheme of Electronic Manufacturing Cluster and dedicated PLI scheme for Telecom Equipment are few steps in this direction.
Similarly Ease of Doing Business is another fulcrum based on which series of reforms has been initiated in IT & Telecom vertical by present Govt. Start of one touch VNO licenses, Spectrum Sharing & Trading, Delicensing of certain frequency bands and now Next Gen OSP liberalisation is another step in this direction.
In November 2020, OSP guidelineswere liberalized as following:-
- Data related OSPs were totally taken out of ambit of any regulation
- No Bank Guarantees
- No requirement of static IP
- No requirement of reporting to the DoT
- No requirement of publication of Network Diagram
- No penalties
- Made Work from Anywhere a reality
The BPM industry revenues grew from USD 37.6 billion in 2019-20 to USD 38.5 billion in 2020-21, despite the pandemic. This was largely possible due to the industry’s ability to work remotely and majorly enabled by the Government of India’s relaxations of WFH requirements under the OSP regime, first temporarily, in March 2020 and then complete reforms under the new guidelines in November 2020.
The Highlight of the Global Business is given below
- Current BPM market – USD 198 BN
- Outsourcing Market – USD 91 BN (46%)
- Current BPM outsourcing revenue, India – USD 38.5 BN (Rs 2.8 lakh crore)
The main features of the liberalised guidelines announced today are :-
- Distinction between Domestic and International OSPs has been removed. A BPO centre with common Telecom resources will now be able to serve customers located worldwide including in India.
- EPABX (Electronic Private Automatic Branch Exchange) of the OSP can be located anywhere in the world. OSPs apart from utilising EPABX services of the Telecom Service Providers can also locate their EPABX at third Party Data Centres in India.
- With the removal of the distinction between Domestic and International OSP centres, the interconnectivity between all types of OSP centres is now permitted.
- Remote Agents of OSP can now connect directly with the Centralised EPABX/ EPABX of the OSP/ EPABX of the customer using any technology including Broadband over wireline/ wireless.
- No restriction for data interconnectivity between any OSP centres of same company or group company or any unrelated company.
- It may be recalled that DoT has already exempted Data Based Services from the OSP regulations. In addition, the regulations exempted OSPs from requirement of any registration. Also, no Bank Guarantees were to be furnished. Work from Home and Work from Anywhere was also permitted.
- Penalties for violations were removed altogether reaffirming the trust Government has in business.
- Further liberalization of Guidelines today will provide a big fillip for growth of OSP industry in India. This will create immense opportunities, income and employment in India.
OSP reforms impact survey conducted by NASSCOM in April 2021, enumerated following important findings :
- Over 72% of the respondents mentioned that they are highly satisfied with the OSP reforms
- 95% of the respondent mentioned has helped in reducing the compliance burden and cost of doing business in India
- 95% of the respondent also stated that this will help in making IT services more competitive globally
- Another 77% of the respondent mentioned that OSP reforms has helped in increasing the productivity
- 92% of respondent stating that reforms also helped in reducing the financial burden on the companies
- 62% of the respondent mentioned that they will consider expanding their operation or will make fresh investments basis the OSP reforms
- 55% also mentioned that this will help in generating new employment opportunities and will enhance access to talent
Today’s reform will further help the BPM industry to reduce their establishment cost and creating synergies among different companies. Through these reforms more and more MNCs will get attracted towards India as a favorable destination and hence will lead to more FDIs.
It is also to be highlighted that FDI during present govt. and previous UPA govt stands at :
(2007-14)
(2014-21)
Growth (%)
Telecom
11.64 Billion USD
23.5 Billion USD
102%
IT Sector (Computer S/W and Hardware)
7.19 Billion USD
58.23 Billion USD
710%
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Shri Piyush Goyal chairs the review meeting on Single window system for industrial clearances and approvals
Ministry of Commerce & Industry issued Press release today 22 June 2021.
Union Minister of Commerce & Industry, Railways and Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal today said that we will soon have the soft launch of the first phase of the National Single window system. The digital platform will allow investors to identify and apply for various pre-operations approvals required for commencing a business in India. There will be 17 Ministries/Departments and 14 states onboard in the first phase which is likely to be launched soon, the Minister said during the review meeting of Single window system held today.MoS, Commerce and Industry, Shri Som Prakash also attended the meeting.
Shri Goyal expressed the hope that it will be a seamless interface where all the facilities from land purchasing to all the information needed to businesses and industrialists will be available. He said that the “Single window” would be a genuine one, acting as a one-stop solution to all the problems or requirements of the investors. This would provide end-to-end facilitation, support, including pre-investment advisory, information related to land banks and facilitating clearances at Central and State levels, he added. It will facilitate the investors to know the approvals required to establish a particular business and let them apply for those approvals to commence business, see the status of those approvals as well as provide/seek clarifications regarding the same- all in one platform.
Shri Goyal also emphasized on the security and the authentication of the critical data used in this platform. He said all security measures should be in place to safeguard the critical data. He also suggested for third party auditing of the platform before its launch.
The Minister appreciated all the Ministries/Departments and states for showing enthusiasm, interest and open-mindedness in speedily working on developing the project, despite Covid-19 hurdles.“It is because of your exemplary contribution, cooperation and hard work that such a huge exercise has reached at an advance stage now”, he said.
Shri Goyal said that learning from the past experiences we should go on improving it in the future. He hoped that its success will be a real tribute to Dr Guruprasad Mahapatra,Secretary DPIIT who recently left for his heavenly abode.
The participants in the meeting gave status report on their preparedness on being on board of the portal. They were told to register in the portal, try out various use cases and identify areas for improvement.
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YB/SS
Ministry of Micro, Small and Medium Enterprises Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st December, 2021
Ministry of MSME issued Press release on Thursday, 17th June 2021 extending Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st December, 2021
Posted Date:- Jun 17, 2021
Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021, extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This would facilitate the holders of EM Part-II and UAMs to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME.
Considering the hardships faced by MSMEs during the prevailing COVID-19 situation and the representations received from the various MSME associations, financial institutions and Government departments dealing with the interest of MSME Sector, the said amendment has been carried out.
It is expected that existing EM Part-II and UAM holders would be able to migrate to the new system of Udyam Registration, which was launched on 1st July, 2020, and would avail the benefits of Government Schemes, thereby paving the way for strengthening MSMEs and leading to their faster recovery, boost to their economic activity and creation of jobs.
Interested enterprises can register on https://udyamregistration.gov.in free of cost and without any documents. Only PAN and Aadhaar are required for registration on the Udyam portal. So far, this portal has facilitated registration and classification of 33,16,210 enterprises as on 17.06.2021 (5.26.43 PM).
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MJPS / RR
Journey of Women Scientists: From Break in Career to become Patent Professionals
Ministry of Science & Technology issued Press Release today (17th June 2021): Journey of Women Scientists- From Break in Career to become Patent Professionals
An inspiring journey of 100 women scientists who returned to science after a break in career has been documented into a book form. The women scientists featured here had to discontinue their pursuit of career in science due to family responsibilities and social reasons. The book, which chronicles their journey to restart their career despite several obstacles, can be a beacon of light for moreIndian women in similar situations.
Knowledge Involvement in Research Advancement through Nurturing (KIRAN) division (now WISE-KIRAN) of the Department of Science & Technology (DST) supports women with break-in careers to return to science through the Women Scientists Scheme (WOS). Through various components of Women Scientists Scheme (WOS), DST addresses challenges confronted by those women who had a break in their career and desire to return to mainstream science. The booklet presents select stories of women who completed their training under WOS-C component of this scheme and are now achieving greater heights in their careers.
Booklet contains 100 success stories of women scientist scheme trainees which captures the lives of women who succeeded despite all odds in life. Booklet is available in both digital and print versions. I know there are many more success stories in the scheme which will be made visible to all in coming years,” said Prof Ashutosh Sharma, Secretary, DST.
Besides the women’s journey, the book includes details like qualification, specialization, present employment status, experience, and information about technical qualification in Intellectual Property Rights (IPR) attained by each woman after completing training.
WOS-C is a flagship scheme of the department and a recipient of Nari Shakti Puraskar, 2015 (Rani Lakshmibai Award) conferred by the Hon’ble President of India.WOS-C is implemented by TIFAC, New Delhi, an autonomous organization under DST. Inthe program, one-year long training is provided to women, having qualifications in science/engineering/medicine or allied areas in the field of IPRs and their management. Selection is through an All-India level online examination followed by an interview. Women between the age ranges of 27 to 45 years can avail the benefit of this scheme. Women are trained in nuances of patent filing and prosecution as well as other patent-related work.
Training has successfully developed a pool of women geared to create, protect and manage Intellectual Property in India. About 800 women have been trained in 11 batches, and about 270 women are registered Patent Agents. Many women have started their own IP firms as well and have become entrepreneurs. The scheme has made the women technically and financially confident, and many women of the middle ages who were earlier sitting at home are now beaming IP professionals.
The booklet is available on DST website: https://dst.gov.in
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SS/RP (DST Media Cell)
How to start beauty parlour business ?
Dear Friends,
Please find below YouTube video link on How to start beauty parlour business
Regards,
Bipul Kumar
Mandatory Hallmarking of Gold Jewellery effective from today-16th June, No penalties till August end in implementation of Gold Hallmarking
Ministry of Consumer Affairs, Food & Public Distribution issued Press release on 15th June 2021, says that
Mandatory Hallmarking of Gold Jewellery comes into force from tomorrow – 16th June,
No penalties till August end in implementation of Gold HallmarkingNo penalties till August end in implementation of Gold Hallmarking
Mandatory Hallmark certification of Gold Jewellery is good for both customers & businesses – Shri Piyush Goyal
Extensive consultations with stakeholders held
Shri Piyush Goyal, Minister for Consumer Affairs, Food & Public Distribution, Railways and Commerce & Industry meets various stake holders involved in Hallmarking of Gold Jewellery in India
Mandatory Hallmarking of Gold Jewellery is going to come into force from tomorrow, 16th June, 2021.
Based on extensive consultations with stakeholders, following decisions were taken-
- Hallmarking will be initially be starting from.256 districts of the country which have Assaying marking centres.
- Jewellers with annual turnover upto Rs. 40 lac will be exempted from mandatory Hall Marking.
- Export and re-import of jewelry as per Trade Policy of Government of India – Jewellery for international exhibitions, jewellery for government approved B2B domestic exhibitions will be exempted from mandatory Hall Marking.
- Gold of Additional carats 20, 23 and 24 will also be allowed for Hall Marking.
- Watches, fountain pens and special types of jewellery viz. Kundan, Polki and Jadau will be exempted from Hall Marking.
- Jewellers can continue to buy back old gold jewellery without hallmark from consumer.
- In order to give adequate time to the manufacturers, wholesalers and retailers of Gold Jewellery, there would be No penalties till August end.
Old jewellery can be got hallmarked as it is, if feasible by the jeweller or after melting and making new jewellery.
A committee constituting of representatives of all stake holders, revenue officials and legal experts will.be formed to look into the issues that may possibly emerge during the implementation of the scheme.
Shri Goyal said that constructive suggestions are always welcome and implementation should be effective. It may be noted that Hallmarking of Gold Jewellery was earlier set to begin from 15th June 2021.
Under Hallmarking scheme of Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognise testing and Hallmarking centres. BIS (Hallmarking) Regulations, were implemented w.e.f. 14.06.2018. Hallmarking will enable Consumers/Jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold. At present, only 30% of Indian Gold Jewellery is hallmarked.
The Hallmarking of jewellery/artefacts is required to enhance the credibility of gold Jewellry and Customer satisfaction through third party assurance for the marked purity/fineness of gold , consumer protection. This step will also help to develop India as a leading gold market center in the World.
It is to be noted that there has been 25% increase in A&H centers in the last five years. The number of A&H centers have increased from 454 to 945 in the last five years. At present 940 Assaying and Hallmarking centers are operative. Out of this 84 AHCs have been setup under Govt. subsidy scheme in various Districts.
Presently A&H Centre’s can hallmark 1500 articles in a day, the estimated hallmarking capacity of A&H Centre’s per year are 14 crore articles (Assuming 500 articles per shift &300 working days.
According to World Gold Council, India has around 4 lakh jewellers, out of this only 35879 have been BIS certified.
Government Simplifies Registration Process for MSMEs -Only PAN, Aadhaar Required for MSME Registration
Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Shri Nitin Gadkari announced simplification of process for registration of Micro, Small and Medium Enterprises. Addressing a webinar of SMEStreet GameChangers Forum this evening, Shri Gadkari said that now only PAN and Aadhaar will be required for registration of MSMEs.
The Minister added that after getting registered, the MSME unit will be getting priority and finance. He said that there is a need to impart training to small units in fields of entrepreneurship and other related aspects. He assured full support of the MSME Ministry, and also expressed hope that banks and NBFCs will also provide full support to small businesses.
Emphasizing the importance of MSMEs, the Minister said that the MSMEs contribute significantly in the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities. He said that with an objective of making India a global economic powerhouse, vision of MSME aims towards building a supporting ecosystem for MSMEs to enhance their contribution towards five trillion dollar economy. He said that in order to boost the economic activities of MSMEs, the Government has announced a special incentive package ‘Aatmanirbhar Bharat Abhiyan’ of 20 lakh crore rupees.
Full Event Link: https://www.youtube.com/watch?v=8xsVK9N6dv8
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Fund raising options available for Private Limited Company
Every business needs fund for plant/machinery/fixed assets, working capital, business expansion etc. In this video, I have listed some fund raising options available for Private Limited Company as under-
A. Further Issue of Capital–
Right Issue, Employee stock optional plan (“ESOP”), Private Placement/ Preferential Allotment B. Loan and Debenture– Loan, Unsecured Loan from Director and his Relatives, Debenture C. Deposit D. Inter-corporate Deposit E. Angle Investor F. Venture Capital G. Misc– Trade Payble/Creditors , Customer advance.
Please refer YouTube video link (PPT) for details
Regards,
Bipul Kumar
Business So Simple 