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 :
• 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. |
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:
1. As per above suggestions, Traders may be allowed to get registered as MSME under the MSMED Act, 2006 via udyogaadhaar Registration.
2. This will help a big group of Traders to get benefits under MSME.
3. Soon Medium Enterprises will also get benefit of Protection against Payments (Delayed Payments).
In any case, a payment due to a micro or small or Medium enterprise (only suggestion) cannot exceed 45 days from the day of acceptance or the day of deemed acceptance.
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
Disclaimer:
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
Very informative and useful for practical application.No words to appreciate.