MSME registration now allowed for wholesalers, retailers: RBI to banks

Sarkaritel
By Sarkaritel July 8, 2021 07:00

MSME registration now allowed for wholesalers, retailers: RBI to banks


New Delhi, July 7  Days after the government announced that wholesale and retail trade would come under the ambit of micro, small and medium enterprises, the Reserve Bank of India (RBI) has written to banks that wholesale and retail traders are now allowed to be registered on the Udyam Registration Portal and get classified as an MSME.

Udyam Registration Portal is the official portal to register an MSME.

The Ministry of Micro, Small and Medium Enterprises through an office memorandum had said that retail and wholesale trade would be classified as MSMEs for the limited purpose of priority sector lending and they would be allowed to be registered on Udyam Registration Portal.

The beneficiary segments of the change in norm would be wholesale and retail trade and repair of motor vehicles and motorcycles, wholesale trade except of motor vehicles and motorcycles and retail trade except of motor vehicles and motorcycles.

Citing the National Industrial Classification Codes of the three segments, the RBI circular said: “The Enterprises having Udyog Aadhaar Memorandum (UAM) under above three NIC Codes are now allowed to migrate to Udyam Registration Portal or file Udyam Registration afresh.”

UAM is a one-page registration form which constitutes a self-declaration format under which the MSME will self-certify its existence, bank account details, promoter’s Aadhaar details and other required information.

Sarkaritel
By Sarkaritel July 8, 2021 07:00