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Riding on excellent outcome of its efforts, MSME Ministry substantially widens request to India Inc. for making payments to MSMEs; writes to over 2800 corporates to clear MSME dues MSME Ministrys Vigorous follow up with Central Ministries, CPSEs State Governments, and a Direct communication last month to top 500 corporates of India brings in very good results With CPSEs paying Rs 3700 crore to MSMEs in September 2020; the highest in a month, takes total payment to Rs 13400 crore in last 5
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FAQ :
The MSME Ministry is urging over 2800 corporates to clear their pending payments to MSMEs for goods and services rendered.
Timely payments will improve MSME cash flow, enabling them to take advantage of business opportunities during the coming festival season and providing financial sustenance for the entire year.
Central Public Sector Enterprises (CPSEs) alone have paid over Rs 13,400 crore to MSMEs in the last five months, with Rs 3,700 crore paid in September 2020.
Corporates are reminded of the TReDS platform for bill discounting and the legal provision under the MSME Development Act, 2006, which mandates payment within 45 days.
Corporates are legally required to make payments to MSMEs within 45 days and file half-yearly returns with the Ministry of Corporate Affairs about MSME dues.
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