Notice to MSME Business Partners
The Government of India has enacted the Micro, Small and Medium Enterprises (MSME) Development Act, 2006 (the “MSME Act”) which requires all organizations to comply with the payment guidelines for MSME engagements. As per the gazette notification dated July 1, 2020, new criteria for classification of MSME have been introduced, details of which is provided in table below.
|Classification||Investment in Plant and Machinery||Turnover|
|Micro Enterprise||<= Rs. 1 Crore||<= Rs. 5 Crore|
|Small Enterprise||<= Rs. 10 Crore||<= Rs. 50 Crore|
|Medium Enterprise||<= Rs. 50 Crore||<= Rs. 250 Crore|
This notice is issued for the benefit of all MSME business partners who are associated with the Company, requesting them to register themselves with the Company as MSME. Please confirm your organization’s registration status as MSME by email to email@example.com along with your vendor code and a copy of your MSME Registration Certificate with subject line : 'MSME Registration - HUL' in your email to us. Your registration will help us ensure that payment for MSMEs are in due compliance with the applicable laws.
For more details on MSME Act and related compliances , please refer the Central Government portal (http://msme.gov.in/)