New Delhi, June 4 (KNN) The Central Government has notified the new criteria for classification of micro, small and medium enterprises which will come into effect from July 1, 2020.

The Office of the DC MSME said put the notification on its website. It states, “In exercise of the powers conferred by sub-section (I) read with sub-section (9) of section 7 of the 'Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) and in supersession of the notification of the Government of India, Ministry of Small Scale Industries, dated the 29'h September, 2006, published in the Gazette of India, Extraordinary, Part II, Section3, Sub-section(ii), vide S.O. I 642(E), dated the 30'h September 2006 except as respects things done or omitted to be done before such supersession, the Central Government, hereby notifies the following criteria for classification of micro, small and medium enterprises…,” it said

“… (i) a micro enterprise, where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; (ii) a small enterprise, where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; (iii) a medium enterprise, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees,” the notification added.

DC MSME said that this notification shall come into effect from July 1, 2020. (KNN Bureau)