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
