Ludhiana: Micro, Small and Medium Enterprises (MSMEs) in Punjab have received a big boost with regulations agreeing to the State Cabinet to provide a legal framework that has been well formulated for their operations, with an effective mechanism to reduce payment problems delayed to the company.
The cabinet, led by the Chairman of the Captain of Amarinder Singh, on Friday okay, the regulation of the Micro and Small Business Punjab Facilitation Board, 2021 under the ACT Small and Medium Micro Act (MSM), 2006, to facilitate the promotion, development and competitiveness of MSMEs.
According to the spokesman for the minister’s office spokesman, this rule provides the 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 the law is that it provides an effective mechanism to reduce the issue of payment of micro and small demands.
All micro and small facilitation councils of the district level established based on the Chairperson of Deputy Commissioners throughout the country will ensure the right implementation of the rules to ensure the development of MSMEs in the state, and to resolve payment issues that are delayed effectively for micro progress & small entrepreneurs Under the Micro, Small and Medium Enterprises Development Act, 2006.
In particular, each of the deputy commissioners of these districts will carry out the strength of the Director, Industry and Trade, and will be the Chair of the Board with the Manager of the Bank Lead District of the District concerned as Members, in addition to two members of the association of micro or small industries or companies in the MSME country as non-official members.
The General Manager of the District Industry Center will be a member secretary.