What is Section 14 of the MSMED Act 2006?

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Author- admin
Date:June 4, 2023

What is Section 14 of the MSMED Act, 2006?

MSME Law Notes by NB Associates

Section 14 of the MSMED Act 2006 pertains to the establishment and administration of the Fund. It does not specifically relate to the recovery of outstanding amounts or interest.

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As per section 12 of the MSME Act, Central Government may by notification establish one or more fund for the promotion and development of MSME. In such fund the Central Government credit funds for the purpose.

Section 14 of the MSMED Act provides for the provision of Administration and utilisation of such fund or funds

Section 14 of MSME Act provides that :

(1) The Central Government shall have the power to administer the Fund or Funds in such manner as may be prescribed.

(2) The Fund or Funds shall be utilised exclusively for the measures specified in sub-section (1) of section 9.

(3) The Central Government shall be responsible for the coordination and ensuring timely utilisation and release of sums in accordance with such criteria as may be prescribed.

Section 14 of MSME Act reads as under:

14. Administration and utilisation of Fund or Funds.—(1) The Central Government shall have the power to administer the Fund or Funds in such manner as may be prescribed. (2) The Fund or Funds shall be utilised exclusively for the measures specified in sub-section (1) of section 9. (3) The Central Government shall be responsible for the coordination a

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