The RBI has come up with some changes in operational guidelines for the captioned scheme contained in circular on 'Interest Subvention Scheme for MSMEs'.

Under the changes, it has been allowed to submit statutory auditor certificate by June 30, 2020 and in the meantime, to settle claims based on internal / concurrent auditor certificate. Acceptance of claims in multiple lots for a given half year by eligible institutions has been allowed. RBI noted that the requirement of Udyog Aadhar Number (UAN) may be dispensed with for units eligible for GST.

Unit not required to obtain GST, may either submit Income Tax Permanent Account Number (PAN) or their loan account must be categorized as MSME by the concerned bank. RBI has also allowed trading activities also without Udyog Aadhar Number (UAN). Further, with the trading activity also eligible for interest subvention, the 'Format of Certificate for claiming Subsidy' has been revised. Banks are advised to submit claims to SIDBI as per the revised format.

Published On : 06-02-2020

Source : Business Standard