MSME secretary bats for changes to MSMED act
Medium Enterprises (MSME) Development Act needs to be amended to protect such entities and settle disputes between buyers and sellers through an online dispute system, MSME secretary SCL Das said Saturday.
Banks, while lending to such businesses, should also look at factors like cash flow and digital footprint besides balance sheet, he advised.
«We need to amend the MSMED Act to make the legal mechanism for protecting MSMEs more effective, especially for settling disputes between buyers and sellers through an online dispute system,» Das said at an event organised by the Federation of Indian Micro and Small & Medium Enterprises.
ET had reported that the government was planning to amend the MSMED Act to make the 45-day payment rule more effective by introducing online dispute resolution for overdue payments.
The MSMED Act prescribes a 45-day payment timeline for buyers to make payments if they purchase from micro and small enterprises. If the buyers fail to pay within 45 days, they are liable to pay interest at three times the prevalent bank rate on the pending amount.
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