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What are the benefits of MSME Samadhaan?

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What are the benefits of MSME Samadhaan?

MSME Law notes by NB Associates

MSME Samadhaan is an online portal launched by the Indian government to facilitate the speedy settlement of disputes related to delayed payments for MSMEs.

The portal provides various benefits to MSMEs, including:

Resolution of MSME payment disputes

MSME Samadhaan provides an online platform for MSMEs to file their complaints regarding delayed payments.

This helps to speed up the dispute resolution process, allowing MSMEs to receive their payments more quickly.

Reduction in financial stress

MSMEs often face cash flow problems due to delayed payments from buyers, which can lead to financial stress.

MSME Samadhaan helps to alleviate this stress by providing a platform for the resolution of payment disputes.

Saving time and cost

The portal provides a cost-effective and time-saving solution for MSMEs to settle payment disputes without having to go through a lengthy and expensive legal process.

Promoting business growth

Timely payment settlements can help MSMEs to manage their working capital more efficiently, promoting their growth and expansion.

Encouraging buyer compliance

MSME Samadhaan encourages buyers to comply with the payment terms agreed upon with MSMEs, as non-compliance can result in penalties and damage to their credit rating.

Overall, MSME Samadhaan has been beneficial for MSMEs as it provides a speedy, cost-effective, and efficient solution for resolving payment disputes, promoting their financial stability and growth.