Uttarakhand facilitation council gets cracking on payment delays to MSMEs
Updated: Feb 03, 2015 04:53:37pm
Nainital, Feb 3 (KNN) The facilitation council set up by the Uttarakhand government under the provisions of the MSME act 2006 is proving a great help top MSMEs in ensuring timely payments from buyers to suppliers of goods and services.
The five member facilitation council set up in 2011 to address the issue of delayed payments to MSMEs in the hill state turned out to be highly beneficial for them. It comprises experts from banking, law and other professional institutions.
If payment is not made in accordance with the agreement signed between buyers and sellers, there is a provision for approaching the council for payment, it said.
The major role of this council is to settle cases through reconciliation, because it is beneficial for both parties, the report quoted state additional director in the department of MSME, Sudhir Nautiyal.
The council has so far settled seven such claims and passed awards in 34 other cases and is currently in the process of settling 94 more cases.
Nautiyal said more MSMEs would come forward to get their cases settled by increasing awareness about the council among industries. (KNN Bureau)
The five member facilitation council set up in 2011 to address the issue of delayed payments to MSMEs in the hill state turned out to be highly beneficial for them. It comprises experts from banking, law and other professional institutions.
If payment is not made in accordance with the agreement signed between buyers and sellers, there is a provision for approaching the council for payment, it said.
The major role of this council is to settle cases through reconciliation, because it is beneficial for both parties, the report quoted state additional director in the department of MSME, Sudhir Nautiyal.
The council has so far settled seven such claims and passed awards in 34 other cases and is currently in the process of settling 94 more cases.
Nautiyal said more MSMEs would come forward to get their cases settled by increasing awareness about the council among industries. (KNN Bureau)
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