Wednesday, 28th October, 2020, 11:43am

A micro, small and medium enterprise (MSME) will now be referred to as Udyam Registration as per the notification issued by the Ministry of MSME on 26 June 2020. The ministry has also come up with detailed norms for the classification of MSMEs and also the process for registration and the arrangements made by the ministry for regulation during this process. The notification interpreted that exports of products or services or both shall be prohibited while calculating the turnover of any enterprise whether micro, small or medium (MSME). It further declared that the registration process is called Udyam Registration. The Ministry Of MSME’s declared that Udyam Registration is filed online with supported self-declaration with no need to upload documents, papers, certificates or proof. Just on the basis of Aadhaar number an enterprise can be registered. The new online registration is made available from 1 July 2020.