RBI issued clarification on the new definition of Micro,Small and Medium Enterprises.
Dear all,
Your association SIMA is forwarding herewith a Notification No. RBI/2020-2021/26 dated 21st August 2020 issued by Reserve Bank of India regarding clarification to the new definition of Micro, Small and Medium Enterprises, based on the representations from IBA and banks regarding the applicability of certain aspects on new criteria for classifying the enterprises as micro, small and medium enterprises.
It is clarified that all the enterprises are required to register online and obtain ‘Udyam Registration Certificate’ and all lenders may, therefore, obtain ‘Udyam Registration Certificate from the entrepreneurs.
Further, the existing Entrepreneurs Memorandum and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till 30th June 2020 shall remain valid till 31st March 2021 and all enterprises registered till 30th June 2020, shall file new registration in the Udyam Registration Portal well before March 31, 2021, and Udyam Registration Certificate’ issued on self-declaration basis for enterprises exempted from filing GSTR and/or ITR returns will be valid for the time being, up to March 31, 2021.
For more details please go through the attached Notification.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
