1 to 5 crore loan without colletral made easy: Budget 2021
*In welcome move for Indian startups, FM proposes one-person company without any restriction on paid-up limit and turnover.
"FM also proposed revising the definition of small companies by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh.
*The Budget 2021 also focussed on decriminalisation of limited liability partnerships, with the flexibility to convert a company to any form or LLP to benefit more than two lakh companies in easing the compliance requirements.
*FM Sitharaman also announced the encouragement of increasing the number of entrepreneurs in India by reducing the residency limit for any Indian to 120 days.
"Incorporation of 1 person company allowed without any restriction on paid up limit is a welcome move for startups as 2 directors were nec at a minimum and founders were forced to co opt others under the companies Act," said Dr Ajay Kummar Pandey, Sr. Advocate, 4C Supreme Law International.
*FM also announced the launch of data analytics, AI, ML driven MCA 3.0 version and an ecourt system to be implemented as a special framework for MSMEs.
*In a very significant move, margin money for stand up India was reduced from 25 to 15 percent.
For any requirement for loans or legal services in all areas of law at every level of judiciary, Supreme Court, High Courts and Tribunals.268