UDYAM REGISTRATION A TECHNOLOGY FOR MSMEs
For an end-to-end registration by the MSMEs: At present Udyam Registration is integrated with the Central Board of Direct Taxes and GST networks along with the public procurement portal Government e-Marketplace.
The MSME registration will be effortless due to the new paperless portal by the Modi Government. On July 1, 2020, the Udyam Registration was launched and it has successfully crossed the 20-Lakh-registration mark.
According to the MSME Ministry, as of November 7, 2020, the number of registered MSMEs were more than 11 Lakh. On February 8 2021 a question was asked in the Rajya Sabha, to MSME Minister Nitin Gadkari about the latest figure of registration on the portal, and he had mentioned that as of February 1, 2021, so far 20,29,095 MSMEs are registered on the portal.
For registration purposes the MSMEs are required to upload the Aadhaar number, no other document is required to be uploaded. A single-window system has been arranged by the Government at the champions Control room, it is set-up at MSME Development Institutes across India, and for facilitating the process it is also set-up in the district industries centres.
In August 2020, the Reserve Bank of India issued a circular for accuracy and clarity on the registration of existing businesses under Entrepreneurs Memorandum (EM) part II and/or Udyog Aadhaar Memorandum (UAM). RBI had said that till March 31, 2021, existing EMs part II and/or UAMs of MSMEs obtained before June 30, 2020, will continue to remain valid.
The MSME Ministry had informed that businesses had asked for clarity on whether the present registrations would continue to remain valid after the government’s notification on June 26, 2020, on the classification of MSMEs as per the new definition and specification of the form and procedure for registration with effect from July 1, 2020.
According to the MSME Ministry 3.72 Lakh units out of more than 10 lakh registrations till October 31, 2020, were registered under the Manufacturing segment while 6.31 lakh businesses belonged to the Service sector. The highest share of 93.17% belonged to the micro-enterprises and small and medium enterprises represented 1.21%.
RETAIL INVESTORS ARE ALLOWED TO OPEN GILT ACCOUNTS WITH RBI
Retail Direct to be considered as a prototype for digital cash by the RBI. The experimentation for it would be conducted in a supervised manner. India’s central bank is planning to launch India’s first Cryptocurrency and preparing to open its balance sheet to the public. The Government bond market will be accessible on the digital platform to the Retail investors who have their investment accounts with the Reserve bank.
To manage revenue; institutional buying and selling in gilt securities are done by the government’s investment bank, the RBI. The public is highly skeptical about the “Retail Direct” as previous efforts to bring public debt to the people haven’t gone anywhere. It would be a huge deal if the initiative takes off, very soon it can be a precursor to an interest-paying digital currency with which the bank deposits have to compete.
The fear of infection due to COVID-19 resides in the people and it is one of the reasons why people do not want to handle cash. They are keen to adapt the ideology behind central bank digital currency which will be on the smartphones, it will have a direct claim on the state and not on the bank. The pandemic has also highlighted the need to extend timely financial support for the people. The people without bank accounts are not gone unnoticed, the pandemic has highlighted the need to extend timely financial support for them.
The authorities are aware of the growth of Cryptocurrencies and Diem, popularly known as Facebook Inc.’s Libra initiative. The virtual cash of other countries can fill up space if the authorities do not offer and suggest their official tokens and private coins. In the emerging markets if there is any resemblance to the monetary sovereignty then it may be compromised.
NPCI’s Webinar on Prescriptive Steroids that India Needs
ET India Inc. Boardroom presented by National Payments Corporation of India (NPCI) on the subject Prescriptive Steroids that India needs, will be held from 22-26 February 2021
The purpose of this webinar is to assess the executive outlook and uncover trends and challenges that will shape the key sectors. 35+ industry leaders will feature in the BOARDROOM. They will engage in a series of conversations which would include fire-side chats and it would focus on five key tracks- BFSI, Retail, Manufacturing, and MSMEs.
The key tracks are:
Forum Highlights: –
- Congregation of industry thought leaders,
- corporate heads,
- star-tup founders,
35+ Industry Leaders:
- Industry leaders,
- policymakers and
- academicians to take stock of the current situation and plan for the recovery of economic quarters.
- Informative panel sessions,
- fireside chats and presentations on themes that will reign the economic agenda.
- Agenda: Day & date Session Subject Faculty 1st day 22.02.2021 (Monday) 1100-1105
- Welcome Note 1105-1145 PANEL DISCUSSION
- Is economic nationalism good for the world? Devashish Mitra, Professor – Economics, Syracuse University
This webinar is beneficial to learn and understand in-depth the role of key economic sectors. Interested EPFO officers may register for this webinar.