CHENNAI: Rebuffing charges concerning the increase in the outstanding debt of the State, Deputy Chief Minister O Panneerselvam Saturday, told the assembly that external funding institutions such as the world Bank and the Asian Development Bank competed for offer loans to the State, relying on its repayment capacity.
In response to the general discussion on interim budget, Panneerselvam said that external agencies provide loans to implement development projects, as this will increase state tax revenue and help the government repay loans. “We are not using the loan for extravagant purposes,” he said.
The state had seen an increase in the GSDP, from Rs 5.19 lakh crore in 2010-11 to Rs 19.43 lakh crore in 2020-2021. As a result, the ability to repay loans was also increasing. Panneerselvam urged the opposition not to resort to bogus propaganda for political gain by citing increasing borrowing. Some have borrowed more than 10% of their GDP. But TN, with permission from the Center, only borrowed 2% from the GSDP, he said.
The assembly on Saturday adopted the bill on account voting allowing the state to withdraw money from the consolidated fund for the first six months of the following fiscal year.
The federal tax identification number, known as the Employer Identification Number in English, is the identification number of your business in the Internal Revenue Service (IRS). Just as your Social Security number allows you to declare taxes and create personal credit, the EIN has the same function for your business.
Having a bank account exclusively for your business is extremely important because it is the easiest way for lenders to see your cash flow. In order for you to proceed, start your process here.
The credit bureaus will also be able to see how you manage your finances and use that information to determine your credit score. A bank account with several years of existence also gives lenders even more security.
Sellers can also report to the credit bureaus, especially when they allow you to paydays or months after the transaction is made. You only have to investigate with the same sellers if they report or not and try to always get the inventory you need from those companies because it is of great benefit for your credit record. Just as you would do if it were a credit account, do not forget to pay on time or before so that it reflects that you are a good customer.
The company Dun & Bradstreet is the most used credit agency by sellers and lenders, but you have to apply to be able to open a credit file with this company. The DUNS system is an identification process for businesses. When you apply, you receive a 9-digit identification number (DUNS number). The process is completely free but can last up to 30 days. It is not a requirement to be registered in this agency, but the credit ratings of this agency are used in the whole country and even internationally.