MSME ministry to amend existing rules to recover dues: Dr AK Panda
Micro Small and Medium enterprises (MSME) Secretary Arun Kumar Panda said that Ministry is planning to come up with certain amendments in rules and regulations to give more teeth can to the MSME Facilitation Councils to recover dues.
He said this in a response to question from KNN India.
He was speaking on the sidelines of Workshop on Credit Linked Capital Subsidy here on Thursday.
Under MSMED Act, councils are set-up in all states and many of them are functioning well.
Panda said, ‘’Some states have already done with the notifications so that the arrears can be collected as arrears of land revenue. But still we will come amendments in the existing rules and regulations providing more teeth to MSME FCs.’’
‘’We will also come out with others things in future so that they become more effective,’’ Panda added.
‘’This is also will be taken up with the Ministry of Corporate Affairs, but finally the decision will be taken by them, eventually it will be their decision,’’ Panda told KNN India on being asked about the Ministry's stand in sector’s demand of reserving certain percentage for MSME’S in financial creditors category to recover dues from companies in insolvency process.