Government of India vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises effective from July 1, 2020. Under the new criteria for the classification of MSMEs, enterprises are reclassified under composite criteria (investment and turnover) and there is no more distinction between Manufacturing and Service MSMEs.
On January 19, 2022, to the earlier notification, the Government clarified that “The existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020, shall remain valid till March 31, 2022, and documents obtained for classification of MSMEs up to June 30, 2020, are valid up to March 31, 2022.
On May 19, 2022 RBI issued a circular based on a Government notification dated May 06, 2022, clarified that:
“The existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020, shall remain valid till June 30, 2022, and documents obtained for classification of MSMEs up to June 30, 2020, are valid up to June 30, 2022.
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