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
Major Points discussed:
List of questions asked and the
suggestions given included:
- 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,
Kindly note that:
||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
||incorporating digital KYCs in case of NBFCs,
||push required from RBI to change master KYC
notification encouraging use of contact list KYC
||including cotton spinning in the eligibility
list of Interest Subvention Scheme,
||permission for cargo flight in Kanpur,
||reducing imports and utilizing domestic
||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:
- 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).
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
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.