Register on UAM platform for government benefits, loans and schemes:- www.deekpay.com

During the epidemic, it became normal for people to look forward to the Government's statement. The Government was expected to announce measures to curb the spread of the new coronavirus and to revive the economy. Among other things, we particularly looked forward to Finance Minister Sitharaman's speech on the Rs 200 billion stimulus package. Indeed, the speech brought relief to many businesses struggling with the crisis.

In order to support millions of micro, small and medium enterprises affected by the COVID-19 epidemic and the blockade, Finance Minister Sitharaman announced a series of liquidity measures, including a four-year Rs 3,000 crore unsecured auto loan. This is in addition to the "Make it Local" initiative promoted by Prime Minister Narendra Modi.

These measures will bring tremendous relief to over 450,000 MSMEs and help them get back on track. This will help ease the liquidity problems of enterprises and improve their working capital and cash flow.

Boosting measures for MSMEs

Unsecured Auto Loans of Rs. 3,000 crore are available to eligible borrowers who owe a maximum of Rs. 250 crore and have an annual turnover not exceeding Rs. 1 crore. The tenure of such loans will be four years with a grace period of 12 months for repayment in the first year. Interest rates will be restricted and the scheme will be available till 31 October. The government will provide equity support to ailing MSMEs by providing Rs 20 billion as subordinated debt. A fund will also be set up to infuse about Rs 500 crore as equity in MSMEs. The size of the fund will be Rs 100 crore. The definition of MSMEs will be adjusted, the investment limit will be revised upwards and "turnover" will be added as an additional criterion. This will enable MSMEs to enjoy concessions even as they grow. Units with a turnover of up to Rs 50 million will be considered as micro units.

For government procurement, the global bidding route will no longer be used for tenders below Rs 200 crore. This is to create a self-reliant India and to serve the "Make in India" programme. Micro, small and medium enterprises (MSMEs) will have full access to e-marketplaces to help them find markets. In addition, the Government and public sector enterprises will pay all MSME receivables within 45 days.

How businesses can take advantage of these benefits

To avail the benefits and loans announced by the government, you need to register your business on the Udyog Aadhaar Memorandum (UAM) platform. You need to authenticate your business and personal information such as bank account, Aadhaar card number, type of business, etc. on your own. There is no fee for registration.

What is UAM?

UAM aims to simplify the process of registering a business as a Micro, Small or Medium Enterprise (MSME) by simply completing an online form. Previously, the process was cumbersome and time-consuming, requiring the processing of a large number of documents. However, with the launch of UAM, the process became online. The main objective of launching UAM was to provide a way for the government to provide maximum benefits to domestically registered businesses, which are registered as MSMEs through Aadhaar card numbers.

Udyog Aadhaar Registration Process

The registration process for Udyog Aadhaar is very simple. Below is a simple step-by-step guide to register for UAM under MSME.

Step 1: Access to the UAM platform

Step 2: Enter your 12-digit Aadhaar number, name and tick the terms and conditions box

Step 3: Click on "Verify and Generate OTP", you will receive the OTP on your registered mobile phone. You will receive the OTP on your registered mobile phone. after entering the OTP, you need to fill up the online registration form.

Step 4: Fill in all the fields in the form:

Name of business owner/business

Applicant Category - General, SC, ST, OBC, Other

PAN number

Full postal address of the company/business - region, postcode, state, email address and mobile phone number

Previous registration details of the business

Date of commencement of business

Bank account details, including the IFSC code of the branch where the business account is held

Type of organisation - "Service" or "Manufacturing"

Total number of employees employed

Total amount invested in businesses/enterprises (in millions)

National Industrial Classification (NIC) codes

Details of District Industrial Centres (DIC)

Note - You need to provide supporting documents for all the information mentioned in the form to get corporate Udyog Aadhaar.

Step 5: Accept the declaration and submit your application

Step 6: Re-enter the OTP that was sent to your registered mobile phone and click "Final Submit".

Step 7: Once the registration process is complete, a confirmation number will be sent to you via email

Step 8: After verification, generate Udyog Aadhaar Memorandum (UAM) number. Remember this number as you will not receive any paper copy. Based on this UAM number, you can avail various central and state government benefits for MSMEs

If you wish to update your Udyog Aadhaar details, please click here.

Udyog Aadhaar Enrolment : Your Benefits

Exemption from excise duty, direct taxes and fee waivers on applications for government tenders, reduced fees on applications for patents and trademarks, loans with credit guarantees and more. You will have access to unsecured government loans, low interest rate loans and easy loans. Government financial support for participation in global business exhibitions. Preferential electricity tariffs.

reach a verdict

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