Quick Summary
Historic Interventions made by the Central Government to Ensure Timely Payments to MSMEs MSME Ministry takes lead in helping the MSMEs get their dues On-boarding of MSMEs on TReDS Mechanism made free MSME Ministry alerts MSMEs to beware of fake websites charging money in the name of registration; and re-iterates that registration be done on Govt website only To help the MSMEs in this long standing problem, Government of India has taken a series of measures recently. Union Finance Min
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FAQ :
Government entities are now required to make payments to MSMEs within 45 days.
Yes, buyer organisations must pay a penal interest of 1% per month for payments delayed beyond the prescribed timeline.
TReDS is a platform designed for bill discounting of MSMEs against supplies where payments are awaited.
No, the government has waived the onboarding charges for MSMEs onto TReDS platforms until March 2021.
MSMEs can register online and for free on the Udyam Registration Portal (https://udyamregistration.gov.in/). Registration is paperless and based on self-declaration, with no documents required.
MSMEs are alerted to beware of fake websites charging money for registration and are advised to only register through the official Government website.
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