MSME Registration for Traders – Possible soon?
MSME Registration for Traders: 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 were asked and the suggestions given.
Major Points discussed :
- Including traders as MSMEs,
- Inclusion of Medium enterprises in the meaning of MSME order dated 02.11.2018 related to timeline of 45 days for payment to MSMEs,
Ministry notified new norms of classification of MSME
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.|
MSME Loan- Eligibility criteria, Process, Interest Procedure, Last date
Shri Gadkari responded to the questions from representatives and requested for sending suggestions and assured all the help from the government:
Author views on MSME Registration of Traders:
1. As per above suggestions, Traders may be allowed to get registered as MSME under the MSMED Act, 2006 via udyog aadhaar 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.
The author of the above article is CS Lalit Rajput, Partner at Xcede Consultech LLP.
Email id: [email protected]
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