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Awareness program for MSMEs on delayed payment act and powers of MSEFC to be held on Dec 18 in Mysuru

Updated: Dec 13, 2018 08:03:00am
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Awareness program for MSMEs on delayed payment act and powers of MSEFC to be held on Dec 18 in Mysuru

Mysuru, Dec 13 (KNN) With an objective to create awareness among Micro, Small & Medium Enterprises (MSMEs) about delayed payment act and powers of MSE Facilitation Council (MSEFC), an awareness program will be held on December 18, 2018 at Vidya Vikas Engineering & Technology Institution Alanahalli, Mysuru.

The program is being organized by MSME-DI Bengaluru, Directorate of MSME, Government of Karnataka, Bangalore District Industries Center, Vidya Vikas Education Institutions, Mysuru Industries Association & Micro Small & Medium enterprises council.

The Facilitation Council will assist MSE’s in the recovery of their dues from Medium & Large Industries, PSUs, State & Central Government Departments towards the supplies made to them which is affecting the working capital requirement and eventually resulting in sickness & closure of these MSMES.

The Program will be inaugurated by Commissioner of MSME Directorate, Government of Karnataka, Gunjan Krishna.

The dignitaries that will be present at the program are Ex MLA, Vasu, President MIA, Raju. R, Vice President, KASSIA, H.M Srinivasa, Additional Director MSME, D.k Lingaraju Joint Director DIC Mysore, Deputy Director Ministry of MSME (Delhi), Piyush Agarwal and Ravi Koti, President of MSME Council.

The Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 contains provisions to deal with cases of delayed payment to MSE’s, (Section 15- 24).

As per the provisions, the buyer is liable to pay compound interest with monthly interests to the supplier on the amount at three times of the bank rate notified by Reserve Bank in case he does not make payment to the supplier for the supplies of goods or services within 45 days of the day of acceptance of the goods/service or the deemed day of acceptance (Section 16).

The government of Karnataka, under the provisions MSMED Act, 2006 has established four Micro and Small Enterprise Facilitation Council (MSEFC) for settlement of disputes on getting references/filing on Delayed payments.

The Council is functioning as a quasi-judicial authority, which relates to delayed payments to Micro and Small Enterprises.

The micro and small enterprises located in the Mysuru, Mandya, Kodagu, Hassan, Chikkamagalur, Dakshin Kannada, Udupi, Chamrajnagar districts can participate in the program and approach the MSEFC with regard to the issues related to dues for assistance.

Besides, officers of industries departments, industry association office bearers, all establishments and industries who purchase from MSE manufacturers and service providers can participate in this Program.

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