MSME (Amendment) Rules, 2022

Jan 20, 2022 | by TeamLease RegTech Legal Research Team

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Industry Specific ComplianceThe Ministry of Micro, Small and Medium Enterprises on January 19, 2022 has issued the Micro, Small and Medium Enterprises (Amendment) Rules, 2022 to further amend the Micro, Small and Medium Enterprises Fund Rules, 2016. This shall come into force on January 19, 2022.

The following amendments has been made namely: -

• In Rule 6 which specify “Approval and release of money from fund” the following new cub-rule (5) has been inserted namely: -

“The criteria based on which sums may be released under sub-section (3) of section 14 of the Act are as under, namely: -

(a) The beneficiary of the fund shall be a micro or small or medium enterprise and shall file the memorandum under sub-section (1) of section 8 of the Act

(b) The fund shall be mandatorily utilised for the project or scheme or activity for which it is approved by the Governing Council

(c) The fund shall be disbursed as per the guidelines notified for that particular project or scheme or activity as referred to in sub-rule (2)

(d) Beneficiary of this fund cannot claim benefits from any other Scheme or programme of Central Government or any State Government or Union territory Administration for that project or scheme or activity.”

 

[Notification No. G.S.R. 29(E)]

 


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