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INITIATIVE TO BOOST MSME SECTOR by the Ministry of MSME

CSLalit Rajput
Delayed payment redressal for MSMEs: mandatory facilitation mechanisms and reporting to prevent prolonged supplier payment delays. Measures to address delayed payments to MSMEs establish mandatory institutional and reporting mechanisms: State/UT MSEFCs resolve disputes via conciliation and arbitration; companies must file half yearly returns with the Ministry of Corporate Affairs disclosing outstanding payments and reasons for delay; large companies and central public sector enterprises must onboard the Trade Receivables Discounting System (TReDS); and the MSME SAMADHAAN portal enables online registration and tracking of delayed payment references to streamline redressal. (AI Summary)

  • “Early Clearance Of Msme’s’ Bills”

  • Overview:

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.

  1. MSME SAMADHAAN – Digital Portal

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

  1. 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.

  1. Trade Receivables Discounting System Platform (TReDS)

Companies registered as per the Companies Act, 2013 with a turnover of more than ₹ 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 - Link:  https://pib.gov.in/PressReleseDetail.aspx?PRID=1606469

Disclaimer:

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. 

FEMA - Foreign Exchange Management
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