Digital India: New portal for MSME registration sees early traction; this many companies register in 2 months

SIDBI had in June arrange a Swavalamban Disaster Responsive Fund to assist MSMEs onboard the TReDS platform freed from price.

Ease of Doing Enterprise for MSMEs: The MSME registration portal Udyam Registration launched by the federal government for small companies to register on-line and as per the revised MSME definition has already seen almost Four lakh registrations, MSME Ministry stated on Wednesday. The portal turned operational on July 1 and “as on September 1, near 4.00 lakh registrations have already taken place,” the ministry stated in an announcement. Other than new entrepreneurs who need to register their items as MSMEs, companies that are registered are Entrepreneurs Memorandum (EM) half II or Udyog Aadhaar Memorandum (UAM) may also migrate to Udyam by re-registering themselves. The federal government had launched the portal for paperless and freed from price registration of MSMEs based mostly on self-declaration in an effort to spice up ease of doing enterprise.

The federal government has additionally built-in Udyam with the federal government’s e-commerce market GeM and platform to facilitate bill financing – Commerce Receivables Discounting System (TReDS). This may permit MSMEs to public sale their commerce receivables at aggressive charges to ease credit score challenges in addition to promote items and providers to authorities departments, public sector items and so forth seamlessly with none further registration.

Additionally learn: Modi govt says 3/4th of month-to-month MSME dues cleared in identical month; paid this a lot quantity throughout June-Aug

Importantly, the Reserve Financial institution of India had not too long ago issued a round clarifying MSMEs’ doubts across the registration of present items beneath EM half II and UAM. RBI had stated that present EMs half II and/or UAMs of MSMEs obtained earlier than June 30, 2020, will proceed to stay legitimate until March 31, 2021. MSMEs had sought readability whether or not their present registrations would stay or legitimate or not following the federal government’s June 26, 2020 notification on the classification of MSMEs as per the brand new definition and specification of the shape and process for registration with impact from July 1, 2020.

SIDBI had in June arrange a Swavalamban Disaster Responsive Fund to assist MSMEs onboard the TReDS platform freed from price. The has waived off the becoming a member of or registration charges of Rs 10,00zero until March 2021 and is concentrating on to assist over 10,00zero MSMEs by way of the fund. At present, Receivables Alternate of India, M1xchange and Invoicemart are bill discounting platforms a part of the TReDS mechanism.

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