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Indian ministry asks big firms to pay MSME dues sans delay
16 Sep '20
1 min read
Pic: Shutterstock
The Indian ministry of micro, small and medium enterprises (MSMEs) has written to the owners and top executives of 500 companies to take measures for release of payment of MSME dues on priority. To tackle the issue of non-payment of dues by big companies to MSMEs, the ministry has offered three specific suggestions to the corporate world.
Requesting big companies to release any pending dues to MSMEs at the earliest, the ministry asked the companies to come on board the Trade Receivables Discounting System (TReDS) and start transactions, as many of these companies are yet to join the platform despite a 2018 notification.
The ministry also reminded the companies that it has been made mandatory for them to file half-yearly returns with the ministry of corporate affairs on their dues to MSMEs. Corporates have been requested to file returns if not doing so already, according to an official release.
Requesting big companies to release any pending dues to MSMEs at the earliest, the ministry asked the companies to come on board the Trade Receivables Discounting System (TReDS) and start transactions, as many of these companies are yet to join the platform despite a 2018 notification.
The ministry also reminded the companies that it has been made mandatory for them to file half-yearly returns with the ministry of corporate affairs on their dues to MSMEs. Corporates have been requested to file returns if not doing so already, according to an official release.
Fibre2Fashion News Desk (DS)
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