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The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:
Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below:
1. A micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakh;
2. A small enterprise is an enterprise where the investment in plant and machinery is more than Rs. 25 lakh but does not exceed Rs. 5 crore;
3. A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs.5 crore but does not exceed Rs.10 crore. Enterprises engaged in providing or rendering of services and whose investment in equipment (original cost excluding land and building and furniture, fittings and other items not directly related to the service rendered or as may be notified under the MSMED Act, 2006 are specified below.
4. A micro enterprise is an enterprise where the investment in equipment does not exceed Rs. 10 lakh;
5. A small enterprise is an enterprise where the investment in equipment is more than Rs.10 lakh but does not exceed Rs. 2 crore;
6. A medium enterprise is an enterprise where the investment in equipment is more than Rs. 2 crore but does not exceed Rs. 5 crore.
Reservation policy is one of the most vital benefits given to enterprises in the form of a policy under this sector. To ensure that the MSME sector is not affected by the stiff competition in the market, the central government has given exclusive rights to manufacture certain products only to this sector. Under the Government Stores Purchase Program, the central government has reserved the purchase of more than 300 products exclusively from this sector. For example, wooden furniture and fixtures, pickles, bangles, ground nut oil, mustard oil, bread, jute, brakes and clutches for automobile corporations, among others.
Filing of Entrepreneurial Memorandum is mandatory for enterprises engaged in the manufacturing process where as it is optional for enterprises engaged in rendering services. The banks are directed by the Reserve bank of India to allocate certain percentage of their lending to priority sectors like agriculture, Micro, small and medium sized enterprises, loans to poor students for their education, etc. However, medium sized enterprises do not fall under priority sector as they are financially sound. So, filing of entrepreneurial memorandum ensures the MSME enterprises get the benefit lending from banks.
Micro and Small Sized enterprise can avail a loan of up to 50 lakh collateral free loan under this scheme. Since the micro and small companies are run by the poor, and the deprived, the RBI has directed banks to sanction collateral-free loans to such enterprises.
Some MSMEs may not be able to use their resources to full potential due to lack of the sophiscated technology required. The government, under the Capital Aid for technological upgradation scheme, helps these enterprises upgrade their equipment through latest technology by helping them get low-interest loan from banks.
KYC of Owner
Passport size photo
Registered office details
Incorporation certificate and business details
Bank Details with IFSC code
Investment in Plant & Machinery / Equipment
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