Indian ministry asks big firms to pay MSME dues sans delay
16 Sep 20 1 min read
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.
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
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)
Popular News
|
North India: Cotton yarn prices steady amid weak downstream demand |
|
International demand keeps Brazilian cotton prices stable |
|
RCEP, China FTA, boost Cambodian exports in Jan-May 2024 |
|
Middle East apparel imports rise despite Israel-Palestine conflict |
|
Net sales of US retailer Tilly’s at $115.9 mn in Q1 FY24 |
|
ICE cotton prices plunge to new low on weak demand |