Punjab Micro and Small Enterprises Facilitation Councils Rules, 2021
The Punjab Micro and Small Enterprises Facilitation Councils Rules, 2021 was approved by the state cabinet recently to boost the competitiveness of MSMEs. It makes changes to the provisions of the Micro Small and Medium Enterprises Development (MSMED) Act, 2006.
The new rules provides legal framework for the operations of the MSMEs. They provide effective mechanism required for mitigating the issues arising from delayed payments to MSMEs. These rules provide the first-ever legal framework for the recognition of the concept of â€œenterpriseâ€, comprising of both manufacturing and services. They will be implemented by the district level Micro and Small Enterprises Facilitation Councils.