TRADERS REGISTRATION AS MSME’S  – POSSIBLE SOON ??

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..... TRADERS REGISTRATION AS MSME’S  – POSSIBLE SOON ??
By: - CSLalit Rajput
Corporate Laws / IBC / SEBI
Dated:- 9-6-2020

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 .....

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..... 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 .....

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..... 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, .....

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..... 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 un .....

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..... der 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 .....

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..... 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
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