Module: General Practice
Q85: Which of the following statements regarding the Udyam Assist Platform (UAP) is INCORRECT?
✅ Correct Answer: C
Option C is the incorrect statement.
While the Udyam Assist Platform (UAP) formalizes Informal Micro Enterprises (IMEs), the benefits are currently restricted to Priority Sector Lending (PSL) classification.
They do NOT automatically get the statutory protection against delayed payments (under Sections 15-17 of the MSMED Act) or other benefits available to fully Udyam-registered firms that have a valid GSTIN.
UAP relies on data from the Ministry of Labour (e-Shram portal) or other agencies to give a "certificate of existence" to informal units that lack GST, primarily to help them access bank loans under PSL.
While the Udyam Assist Platform (UAP) formalizes Informal Micro Enterprises (IMEs), the benefits are currently restricted to Priority Sector Lending (PSL) classification.
They do NOT automatically get the statutory protection against delayed payments (under Sections 15-17 of the MSMED Act) or other benefits available to fully Udyam-registered firms that have a valid GSTIN.
UAP relies on data from the Ministry of Labour (e-Shram portal) or other agencies to give a "certificate of existence" to informal units that lack GST, primarily to help them access bank loans under PSL.