CICU-BNG hosted Awareness Session on Delayed Payments and Powers of MSEFC
An informative and insightful Awareness Program on the Delayed Payment Act & the Power of MSEFC was conducted as part of the CICU-BNG meeting on Saturday. The session was led by Vishav Bandhu, Ex-Joint Director, Department of Industries & Commerce, Government of Punjab, who shared valuable knowledge about the Government's mechanisms aimed at helping Micro, Small, and Medium Enterprises (MSMEs) recover delayed payments from buyers.
City Air News
Dec 30, 2024 05:54
0
Ludhiana, December 30, 2024: An informative and insightful Awareness Program on the Delayed Payment Act & the Power of MSEFC was conducted as part of the CICU-BNG meeting on Saturday. The session was led by Vishav Bandhu, Ex-Joint Director, Department of Industries & Commerce, Government of Punjab, who shared valuable knowledge about the Government's mechanisms aimed at helping Micro, Small, and Medium Enterprises (MSMEs) recover delayed payments from buyers.
The session provided an in-depth understanding of the Delayed Payment Act, which ensures that buyers clear their dues within a stipulated time frame—usually 45 days from the date of receipt of goods or services. Bandhu explained how the Act safeguards MSMEs against payment delays and emphasizes the importance of timely payment cycles for the sustainability of MSMEs.
A significant portion of the session was dedicated to explaining the Micro and Small Enterprises Facilitation Council (MSEFC), a government body that acts as a facilitator for MSMEs facing payment disputes
One of the most critical aspects of the session was the introduction to Know MSME Samadhan, an online platform created by the Ministry of Micro, Small & Medium Enterprises (MSME). This government initiative enables MSMEs to file complaints regarding delayed payments and track the status of their cases efficiently.
In Q&A session attendees raised questions and shared their experiences with delayed payments
The program was well-received by members of the CICU-BNG (Chamber of Industrial and Commercial Undertakings, BNG Chapter), with participants expressing their gratitude for the detailed information and tools shared.
The session concluded with a vote of thanks by Honey Sethi, General Secretary of CICU, who expressed his gratitude to Vishav Bandhu for his valuable time and guidance along with core members of BNG, including Kamal Sehgal, Arinav Chopra, Amanjot Singh, and Rachna Jain (Manager), for their support in organizing the event.
