Traders Registration As Msme's Possible Soon
During a meeting of Shri Nitin Gadkari, Union Minister for MSME and Road
Transport and Highways with the representatives of Council of Leather Export,
FICCI-NBFC Program and IMC Chamber of Commerce and Industry on impact of
COVID-19 on MSMEs, Some of the questions asked and the suggestions given
included:
Major Points discussed:
List of questions asked and the suggestions given included:
Kindly note that:
Shri Gadkari responded to the questions from representatives and requested for sending suggestions and assured all the help from the government:
Author views:
And if payment got delayed:
Interest is to be paid at three times the bank rate notified by the RBI.
Source of Information:
In No Event The Author Shall Be Liable For Any Direct, Indirect, Special Or Incidental Damage Resulting From Or Arising Out Of Or In Connection With The Use Of This Information.
Major Points discussed:
- Including traders as MSMEs,
- Inclusion of Medium enterprises in the M/o MSME order dated 02.11.2018 related to timeline of 45 days for payment to MSMEs,
List of questions asked and the suggestions given included:
| Suggestion 1 | Including traders as MSMEs |
| Suggestion 2 | Inclusion of Medium enterprises in the M/o MSME order dated 02.11.2018 related to timeline of 45 days for payment to MSMEs, |
| Suggestion 3 | incorporating digital KYCs in case of NBFCs, |
| Suggestion 4 | push required from RBI to change master KYC notification encouraging use of contact list KYC |
| Suggestion 5 | including cotton spinning in the eligibility list of Interest Subvention Scheme, |
| Suggestion 6 | permission for cargo flight in Kanpur, |
| Suggestion 7 | reducing imports and utilizing domestic capacity, |
| Suggestion 8 | need of labour reforms to bring change in MSME sector, etc. |
Shri Gadkari responded to the questions from representatives and requested for sending suggestions and assured all the help from the government:
Author views:
- As per above suggestions, Traders may be allowed to get registered as MSME under the MSMED Act, 2006 via udyogaadhaar Registration.
- This will help a big group of Traders to get benefits under MSME.
- Soon Medium Enterprises will also get benefit of Protection against Payments (Delayed Payments).
And if payment got delayed:
Interest is to be paid at three times the bank rate notified by the RBI.
Source of Information:
- https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1629405
In No Event The Author Shall Be Liable For Any Direct, Indirect, Special Or Incidental Damage Resulting From Or Arising Out Of Or In Connection With The Use Of This Information.
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