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    Question

    The Micro and Small Enterprise Facilitation Council

    (MSEFC) must consist of at least how many members and not more than how many?
    A 2, 4 Correct Answer Incorrect Answer
    B 3, 5 Correct Answer Incorrect Answer
    C 1, 3 Correct Answer Incorrect Answer
    D 5, 7 Correct Answer Incorrect Answer
    E 4, 6 Correct Answer Incorrect Answer

    Solution

    Each state and union territory is required to establish a Micro and Small Enterprise Facilitation Council (MSEFC) under the MSMED Act for dispute resolution related to delayed payments. The council must consist of not less than 3 and not more than 5 members, including representatives from MSME associations, financial institutions, and government departments. The Council acts as an alternative dispute resolution mechanism, reducing legal costs and speeding up recovery of dues for MSMEs.

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