File Copyright Online - File mutual Divorce in Delhi - Online Legal Advice - Lawyers in India

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:
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. 

Law Article in India

Ask A Lawyers

You May Like

Legal Question & Answers

Lawyers in India - Search By City

Copyright Filing
Online Copyright Registration


Increased Age For Girls Marriage


It is hoped that the Prohibition of Child Marriage (Amendment) Bill, 2021, which intends to inc...

How To File For Mutual Divorce In Delhi


How To File For Mutual Divorce In Delhi Mutual Consent Divorce is the Simplest Way to Obtain a D...

Section 482 CrPc - Quashing Of FIR: Guid...


The Inherent power under Section 482 in The Code Of Criminal Procedure, 1973 (37th Chapter of t...

Facade of Social Media


One may very easily get absorbed in the lives of others as one scrolls through a Facebook news ...

Sexually Provocative Outfit Statement In...


Wednesday, Live Law reported that a Kerala court ruled that the Indian Penal Code Section 354, ...

UP Population Control Bill


Population control is a massive problem in our country therefore in view of this problem the Ut...

Lawyers Registration
Lawyers Membership - Get Clients Online

File caveat In Supreme Court Instantly