There are 30 Micro,Small and Medium Enterprises Development Institutes (MSME-DIs) and 28 Branch MSME-DIs (formerly SISIs) set up in State capitals and other industrial cities all over the country. The main objective of National Small Industries Corporation Limited (NSIC) is to provide machinery and equipment to small industrial units offering them long repayment period with moderate rate of interest.
It has been found that small industrialists are unable to install modern machinery and equipment due to lack of investable funds. Hence many schemes and incentives are available to assist them. Now, small scale firms can acquire industrial machinery, office equipment, vehicles, etc, without making full payment through hire purchase. With the help of assets acquired through hire purchase, they can produce and sell. From the earning of production, they can make payments in installment. Ultimately the ownership of assets can be acquired.
National Small Industries Corporation (NSIC) provides machinery and equipment to small scale units on hire purchase basis and on lease basis. NSIC follows the following Hire Purchase procedure and Hire Purchase Scheme for financing plant and machinery to small scale units:
The hire purchase application is to be made on the prescribed form.
The Director of Industries of the State under whose jurisdiction the applicant falls, forwards the application to the head office of the NSIC at Delhi with his recommendation and comments.
All applications for indigenous or imported machines are considered by acceptance committees comprising of the representatives of the Chief Controller of Imports, Development Commissioner, Small Scale Industries and other concerned departments.
Decisions of these committees are conveyed to the parties concerned with copies to the regional offices of the NSIC and the concerned Directorate of Industries.
It is open to an applicant whose case has been rejected to get his application reviewed by a high powered committee.
Once the hirer completes all these formalities, instructions are sent to the suppliers to dispatch the consignment (duly insured for transit risk) to the hirer and to send the R/R or C/R as the case may be, to the regional office.
The NSIC after ensuring that the hirer has paid all dues, releases the R/R or C/R to him for taking delivery of the machines.
In case of imported machines, the procedure is slightly different in as much as the shipping documents are sent to the clearing agents for clearing the consignment from the Customs and dispatching it to the hirer.
For more details visit our Section on 'Industry and Services'
It has been found that small industrialists are unable to install modern machinery and equipment due to lack of investable funds. Hence many schemes and incentives are available to assist them. Now, small scale firms can acquire industrial machinery, office equipment, vehicles, etc, without making full payment through hire purchase. With the help of assets acquired through hire purchase, they can produce and sell. From the earning of production, they can make payments in installment. Ultimately the ownership of assets can be acquired.
National Small Industries Corporation (NSIC) provides machinery and equipment to small scale units on hire purchase basis and on lease basis. NSIC follows the following Hire Purchase procedure and Hire Purchase Scheme for financing plant and machinery to small scale units:
The hire purchase application is to be made on the prescribed form.
The Director of Industries of the State under whose jurisdiction the applicant falls, forwards the application to the head office of the NSIC at Delhi with his recommendation and comments.
All applications for indigenous or imported machines are considered by acceptance committees comprising of the representatives of the Chief Controller of Imports, Development Commissioner, Small Scale Industries and other concerned departments.
Decisions of these committees are conveyed to the parties concerned with copies to the regional offices of the NSIC and the concerned Directorate of Industries.
It is open to an applicant whose case has been rejected to get his application reviewed by a high powered committee.
Once the hirer completes all these formalities, instructions are sent to the suppliers to dispatch the consignment (duly insured for transit risk) to the hirer and to send the R/R or C/R as the case may be, to the regional office.
The NSIC after ensuring that the hirer has paid all dues, releases the R/R or C/R to him for taking delivery of the machines.
In case of imported machines, the procedure is slightly different in as much as the shipping documents are sent to the clearing agents for clearing the consignment from the Customs and dispatching it to the hirer.
For more details visit our Section on 'Industry and Services'
For more details visit our Section on 'Infrastructure'
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