DIPP notifies definition of 'start-up'

New Delhi, Feb 23 (KNN) The Department of Industrial Policy & Promotion (DIPP) has come out with the notification on definition of start-ups under which a budding entrepreneur with turnover of less than Rs 25 crore would be considered a 'start-up'.

The notification said that an entity would be considered a start-up upto five years from the date of its incorporation/ registration.

The entity which would be working towards innovation, development or commercialization of new products, processes or services driven by technology or intellectual property would come under the definition of start-úp.

DIPP notification said that the process of recognition as a 'start-up' shall be through mobile app/portal of DIPP.

Until such mobile app/portal is launched, DIPP would  make alternative arrangement of recognizing a 'start-up', the notification added.

“Once such application with relevant document is uploaded a real-time recognition number will be issued to the start-up. If on subsequent verification, such recognition is found to be obtained without uploading the document or uploading any other document or a forged document, the concerned applicant shall be liable to a fine which shall be fifty per cent of paid up capital of the start-ups but shall not be less than Rupees 25,000,” it said. (KNN Bureau)