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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. 

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