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ARTICLE · 08 OCTOBER 2020

Clarifications On Pertinent Aspects Of The June 2020 MSME Composite Update

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Earlier, in June 2020, Ministry of Micro, Small and Medium Enterprises (Ministry) had issued a composite notification introducing revised criterion for classifying enterprises as micro...

IndiaGovernment, Public Sector
Dipti Lavya Swain
Dipti Lavya Swain
Shruti Sundararajan
Shruti Sundararajan
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Earlier, in June 2020, Ministry of Micro, Small and Medium Enterprises (Ministry) had issued a composite notification introducing revised criterion for classifying enterprises as micro, small and medium enterprises (MSME) and forms and procedures for filing the memorandum (i.e. Udyam Registration), which became effective from July 1, 2020. This composite notification had also set out guidelines on calculation of investment in Plant & Machinery (P&M) and equipment and annual turnover and was also notified by Reserve Bank of India (RBI) along similar lines vide its circular dated July 2, 2020.

Recently, in August 2020, Ministry issued an office memorandum providing clarifications for representations received from stakeholders and enterprises on certain matters under composite notification (OM), which have been set out below. In alignment with OM, RBI has also notified below clarifications in August 2020.

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