MSME Registration Process Updates 2024 | IIBF MSME 2024 EXAM
It is important that the updates in regard with the IIBF syllabus & the topics which fall under the applicable MSME 2024 Syllabus, are read & kept in mind to better score the IIBF MSME Exam 2024. In this post, we will provide you the updates that are applicable for the paper of IIBF MSME 2022. Then we will share you how you can clear your IIBF MSME upcoming NOV / DEC 2024 Attempt. To clear any exam one need to have the right material & right strategy to pass their NOV 2024 Exams!
For MSME Exam dates & Registration Dates, you can click on this link: MSME 2022 Exams
Learning Sessions is here to guide you through your MSME 2024 journey like it had helped many other MSME candidates pass IIBF Certificate course on MSME over the past years.
MSME Registration Process
Before we begin with the updates, maybe you should get through the meaning of MSME or its definition to better understand the applicable updates for MSME 2024 Exams.
WHAT IS MSME?
MSME refers to Micro, Small & Medium enterprises. It is a scheme of government that mainly targets providing benefits to medium and small-scale entrepreneurs in order to boost their businesses . It was introduced by the Government of India in agreement with the Micro, Small and Medium Enterprises Development (MSMED) Act of 2006.
The following is the current revised MSME classification, where the investment and annual turnover are to be considered for deciding an MSME.
REVISED MSME CLASSIFICATION
|Investment||< Rs 1 crore||< Rs 10 crore||< Rs 50 crore|
|Annual turnover||< Rs 5 crore||< Rs 50 crore||< Rs 250 crore|
MSME REGISTRATION PROCESS
Any company that comes under the category of MSME needs to ensure they are registered under the MSME category. This registration requires a few documents, personal details, details about the individual and so on.
Read Also:- IIBF MSME Short Notes Part 1
The following documents are required for the MSME registration process –
- Aadhar number of the applicant
- Name, gender, PAN number, email id, and mobile number of the applicant.
- PAN, location, and address of the organization.
- The number of employees and the date, you are planning to start your business.
- Bank account number and IFSC code
- The basic business activity of the enterprise
- NIC 2 digit code
- Investment in plant and machinery/equipment
- MoA and AoA
- Copies of Sales Bill and Purchase Bill
Read Also:- IIBF MSME Short Notes Part 1
MSME registration is to be done in the government portal of udyamregistration.gov.in. The registration of MSMEs can be done under the following two categories in the portal –
- For New Entrepreneurs who are not Registered yet as MSME or those with EM-II and
- For those having registration as UAM and For those already having registration as UAM through Assisted filing.
However, it was announced by the government of India on 15 June, 2021 that the process of registration for Micro, Small and Medium Enterprises (MSMEs) has been eased by the Centre to foster entrepreneurship and generate large employment opportunities in the country.
RELAXATION IN NORMS FOR MSME
As per the relaxed norms, Only Pan card and Aadhaar number will be required for MSME registration. These enterprises are no longer required to furnish large number of documents to get themselves registered as MSME. After getting registered, the MSME unit will be getting priority and finance
MSME REGISTRATION – NOT MENDATORY
Although getting MSME registration is not mandatory but it is always suggested to small and medium enterprises to get it done as it provides a variety of benefits such as better MSME loan structure, subsidise rates, government help and a lot more.
OTHER MSME UPDATES:
As per the latest ASSOCHAM (Associated Chambers of Commerce and Industry of India) -CRISIL joint study says that the sector is expected to achieve mid-teen growth in fiscal 2024 as the economic activities pick up.
MSME is also considered to be the engine of economies around the world & the Indian MSME segment is estimated to have 6.3 crore units generating employment for 11.10 crore people. MSME sector also accounts for 27% of GDP & is very crucial for functioning of the economy i.e. employment generation, exports, and lending opportunities.
SHARE IN EXPORTS: Share of MSME in exports accounts upto 50% since the past 5 years. As per the ASSOCHAM-CRISIL report exports-linked MSME sectors have been recovering and will continue to do so in the next fiscal year & will soon start to offer attractive opportunities for financiers with the recovery of global economy and adoption of China-plus-one strategy by large players to diversify their supply chains provides, which is basically a boost to export-linked MSMEs.
MSME LATEST STUDY MATERIAL 2024 | PASS IIBF MSME EXAM FOR SURE!
As its rightly said that there are no shortcuts to success & why should we take shortcuts when the full journey of learning in itself is more worth than what the shortcuts will ever entail?
So, we are here asking the MSME 2024 candidates to give yourself a chance to progress & do well in your banking career in the field of Small and Medium enterprises in India & we assure you that we are here to make it more enjoyable & productive by providing you the actual conceptual clarity of various MSME concepts.
Learning Sessions is an online IIBF Courses platform where Video Courses are prepared by the subject experts for various IIBF Exams (the latest Video Classes) to help aspirants gain conceptual clarity & pass their Exam without much struggle.
MSME being one of the IIBF Exams, is offered by our expert MSME faculty. All that we need from the MSME aspirants is a bit of their time & focus & we assure them, they will clear MSME 2024 Attempt!
The MSME journey starts with the right materials & we have just that. The MSME latest Study Material has been prepared according to the Latest MSME Syllabus 2022! Here are the key highlights of the MSME course:
- MSME Recorded Lectures
- Lectures delivered by expert faculty of MSME
- 24 by 7 access to materials which can be accessed through apps & browser
- Unlimited views of videos
- Mock Tests including the MSME Memory Recalled Questions
- Downloadable lectures of recording ones)
- Most reasonable prices
- Flexible packs
- English language / Hinglish language both are available
Access the courses through:
- Download Android App: LS PRO or IIBF LEARNING CENTER
- Download iOS App: My Institute (Code: gegkt)
- Visit the website for Exam Materials: info
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All the Best for your IIBF MSME upcoming Exams!
Team: Learning Sessions