The ministry of corporate affairs (MCA) has raised the threshold turnover and borrowing limits in its definition of small and medium companies (SMCs) to align the applicable accounting standards rules with the latest definition as per the ministry of micro, small & medium enterprises. According to a notification on Wednesday, SMCs have been defined as unlisted firms with a turnover not above Rs 250 crore and with no borrowings in excess of Rs 50 crore. A company shall qualify as a Small and Medium Sized Company, if the conditions mentioned therein are satisfied as at the end of the relevant accounting period.
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