<p>The Federation of Associations in Indian Tourism & Hospitality (FAITH), the apex body of all the national associations representing the complete tourism, travel and hospitality industry, has written to prime minister Narendra Modi, saying that the industry js staring at mass unemployment and bankruptcies amid the <a href="http://www.deccanherald.com/tag/coronavirus" target="_blank">coronavirus</a> pandemic.</p>.<p>"We urgently seek your kind intervention," FAITH chairman Nakul Anand said in a letter to Modi in the wake of pandemic COVID-19.</p>.<p>Anand said with declining revenues almost all tourism businesses are running out of working capital. However, with the responsibility of staff and payment of their salaries, EMIs to service, advance tax, PF, ESIC, GST, excise and other state levies, bank guarantees, security deposits, this industry needs your support now more than ever.</p>.<p>FAITH requested the PM for a twelve months moratorium on our EMIs of principle and interest payments on loans and working capital from Financial Institutions (both banking & non-banking). "Additionally, we request for doubling of our working capital limits and on interest free and collateral free terms. This will prevent all our tourism businesses from going bankrupt," he said.</p>.<p>To prevent insolvency, FAITH requested the government for a deferment for twelve months of all statutory dues whether GST, Advance Tax payments, PF, ESIC, customs duties at the Central Government level or at any state government level the excise fees, levies, taxes, power & water charges, bank guarantees & security deposits and deferment of all renewals, across the tourism, travel, hospitality and aviation industry.</p>.<p>Anand also requested to set up a support fund for twelve months on the lines of MNREGA to support basic salaries with ‘direct transfer’ to affected tourism employees.</p>
<p>The Federation of Associations in Indian Tourism & Hospitality (FAITH), the apex body of all the national associations representing the complete tourism, travel and hospitality industry, has written to prime minister Narendra Modi, saying that the industry js staring at mass unemployment and bankruptcies amid the <a href="http://www.deccanherald.com/tag/coronavirus" target="_blank">coronavirus</a> pandemic.</p>.<p>"We urgently seek your kind intervention," FAITH chairman Nakul Anand said in a letter to Modi in the wake of pandemic COVID-19.</p>.<p>Anand said with declining revenues almost all tourism businesses are running out of working capital. However, with the responsibility of staff and payment of their salaries, EMIs to service, advance tax, PF, ESIC, GST, excise and other state levies, bank guarantees, security deposits, this industry needs your support now more than ever.</p>.<p>FAITH requested the PM for a twelve months moratorium on our EMIs of principle and interest payments on loans and working capital from Financial Institutions (both banking & non-banking). "Additionally, we request for doubling of our working capital limits and on interest free and collateral free terms. This will prevent all our tourism businesses from going bankrupt," he said.</p>.<p>To prevent insolvency, FAITH requested the government for a deferment for twelve months of all statutory dues whether GST, Advance Tax payments, PF, ESIC, customs duties at the Central Government level or at any state government level the excise fees, levies, taxes, power & water charges, bank guarantees & security deposits and deferment of all renewals, across the tourism, travel, hospitality and aviation industry.</p>.<p>Anand also requested to set up a support fund for twelve months on the lines of MNREGA to support basic salaries with ‘direct transfer’ to affected tourism employees.</p>
