INITIATIVE TO BOOST MSMEs BY THE MINISTRY OF MSME

Ministry of Micro, Small and Medium Enterprises (MSME) vide press release dated 16.03.2020 and Release ID: 1606525 addressed issues related to delayed payments of Micro, Small and Medium Enterprises (MSMEs).

Following steps has been taken by the Ministry :

(1.) Setting up of MSEFCs :

Micro and Small Enterprises Facilitation Councils (MSEFCs) have been set up in all States/ UTs to resolve the delayed payments cases by way of conciliation and / or arbitration as per the provisions of the Micro, Small & Medium Enterprises Development Act, 2006.

(2.) MSME SAMADHAAN – Digital Portal :

Ministry of MSME has launched MSME SAMADHAAN portal to facilitate online registration of references related to delayed payments.

(3.) MSME Returns with MCA :

Companies which get supplies of goods or services from Micro & Small Enterprises and whose payments to micro and small enterprises exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services have been required to submit a half yearly return to the Ministry of Corporate Affairs stating the amount of payments due and the reason of delay.

(4.) Trade Receivables Discounting System Platform (TReDS) :

Companies registered as per the Companies Act, 2013 with a turnover of more than Rs. 500 crore and all Central Public Sector Enterprises have been required to get themselves on boarded on the Trade Receivables Discounting System Platform (TReDS).

BRIEF ABOUT MSME SAMADHAAN PORTAL :

This online portal has been set-up by the ministry with the aim to :

> To facilitate online registration of references related to delayed payments.

> MSEs across the country can register online their cases relating to delayed payments.

> MSEs can also check the status of their cases on the above portal.

Source : https://pib.gov.in/PressReleseDetail.aspx?PRID=1606469

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AUTHOR : CS LALIT RAJPUT (CLICK HERE TO VIEW PROFILE)