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HIGHLIGHTS OF MSMED ACT-2006 A B The term Industry is replaced by the term Enterprise.

Definition of Enterprises:MICRO ENTERPRISE :i) ii) An enterprise engaged in manufacture or production of goods An enterprise engaged in providing or rendering services where the investment in equipments doesnt exceed Rs.10 lakhs. SMALL ENTERPRISE: i) An enterprise engaged in manufacture or production of goods where the investment in Plant & Machineries is more than Rs.25 lakhs, but doesnt exceed Rs.5 crore. ii) An enterprise engaged in providing or rendering services, where the investment in equipment is more than Rs.10 lakhs, but does not exceed Rs. 2 crore. MEDIUM ENTERPRISE: i) An enterprise engaged in manufacture or production of goods, where the investment in plant & machineries is more than Rs.5 crore, but doesnt exceed Rs 10 crore but does not exceed Rs.5 crore. ii) C D An enterprise engaged in providing or rendering services, where the investment in equipment is more than Rs.2 crore. Entrepreneurs Memorandum (Part-I or II) is to be filed to the D.I.C. by a The MSMED Act-2006 has come into force wef 02.10.2006 for Medium micro, small or medium enterprise under the MSMED Act-2006. sector & wef 04.11.2006 for Micro, Small enterprise sector. E Objective of the Act: i) The MSMED Act-2006 provides measures for promotion, enterprises where the investment in plant & machinery does not exceed Rs.25 lakhs.

development & enhancement of competitiveness of micro, small

which includes a provision on Procurement Preference Policy for facilitating

procurement of goods & services produced & provided by a Micro, Small enterprise by the ministries & deptt. of Central & State Govt. or its aided institutions & public sectors. ii) The micro, small enterprises registered with the registering authority (NSIC) are entitled to the under mentioned facilities: a) b) c) d) industries. e) Purchase Preference for procurement of 358 items reserved for exclusive purchase from micro & small enterprise. (List enclosed). The central govt ministries, its deptt, aided institutions & public sector enterprises to procure at least 20 % of the value of their total annual purchase from micro, small enterprises. f) At least 30 % of the value of the annual procurement of goods & services from micro, small enterprises to be procured from the micro, small enterprises owned by disadvantaged sections i.e. SC/ST/WOMEN enterprises. iii) Credit Facility: -The policy & practices in respect of MSMEs shall be progressive & such as may be specified in the guideline or instructions issued by RBI from time to time to ensure timely & smooth flow of credit. T such enterprises, minimize the incidence of sickness & enhance the competitiveness of such enterprises. iv) Liability of buyer to make payment where any supplier supplies any goods or renders service to any buyer shall make payment on or before the date agreed upon between him or the supplier in writing, & shall not exceed 45 days from the date of acceptance, after which interest is charged at 3 times the bank rate notified by RBI & this will be refers to MSMED Facilitation Council. Issue of tender sets free of cost. Exemption of payment of EMD. Waiver of Security Deposit. Price Preference unto 15 % over the quotation of the large-scale

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