Chandigarh: Punjab Cabinet on Friday set the rules to provide a legal framework that is well formulated for micro, small and medium enterprises (MSMEs) in the state, with an effective mechanism to reduce the pending payment problems to the company.
The cabinet, led by the Chairman of the Minister of Amarinder Singh, on Friday okay the Micro Facilitation Board Regulation and Small Business, 2021 under ACT Small and Medium Micro Act (MSM), 2006, to facilitate promotion, development and competitiveness of MSMEs.
This rule provides a “first” legal framework for recognition of the concept of “company” (consisting of manufacturing and service), and integrates three levels of these companies, namely micro, small and medium.
Apart from the clearer and more progressive classification of each company category, especially small, ACT provides a consultative mechanism for legislation at the national level, with the broad representation of all stakeholder parts and with various advisory functions.
One of the silent features of this law is that it provides an effective mechanism for reducing payment problems that are delayed from micro and small businesses.
Tourism Restructuring, Archeology Depts Cabinet also approved tourism restructuring and cultural affairs, archeology, museums, and archive departments for creation and filling additional new posts on a regular scale, in addition to additional new posts about outsourcing.
The Cabinet also approved the restructuring of civilian supplies & consumer affairs related to various wings.