New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Consider the following statements about UAM (Udyog

    Aadhaar Memorandum):   1) To register an enterprise as MSME, its entrepreneur has to fill up an Udyog Aadhaar Memorandum(UAM)-free online form to MSME ministry. 2) He’ll be allotted a unique Udyog Aadhar id linked with his personal Aadhar number. 3) Udyog Aadhar id helps applying for various Govt. schemes for MSME 4) This process was followed until 1st July 2020 and Govt introduced a new registration Process “udyam Registration(UR)” on 1st July 2020   Choose the incorrect option:
    A 1 only Correct Answer Incorrect Answer
    B 2 &3 Correct Answer Incorrect Answer
    C 1 , 3 & 4 Correct Answer Incorrect Answer
    D None Correct Answer Incorrect Answer
    E 1 and 2 only Correct Answer Incorrect Answer

    Solution

    Recently, the government extended the validity of UAM to 31st December 2021, allowing more time to UAM holders for migration to UR. Newly introduced “Udyam Registration” (UR). “Udyam Registration” (UR) is the new registration process for MSMEs starting from 1st July 2020. Note that “Udyam” is the term used for MSMEs; hence the process of registration is named “Udyam Registration.” ○ The new process aims to improve “Ease of Doing Business” for MSME. ○ The earlier registration process (UAM) was tedious and involved a lot of paperwork. Whereas, the new Udyam Registration (UR) is fully online, paperless and based on  self-declaration. ○ Udyam Registration Portal is https://udyamregistration.gov.in. ○ It’s a one-time process; there is no need for renewal of Registration. ○ After the completion of registration, a Registration number and an Udyam Registration Certificate is issued. This certificate has a dynamic QR Code from which  details about the enterprise can be accessed.

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