Union Minister of State (Independent Charge) for Micro, Small and Medium Enterprises Giriraj Singh on Monday launched the MSME Delayed Payment Portal - MSME Samadhaan (http://msefc.msme.gov.in), aimed at empowering micro and small entrepreneurs across the country to directly register their cases relating to delayed payments by Central Ministries/Departments/CPSEs/State Governments.
Arun Kumar Panda, Secretary, Ministry of MSME along with other dignitaries and senior officials from the Ministry were also present at the launch.
Speaking on the occasion, Giriraj Singh said that the Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 contains provisions to deal with cases of delayed payment to Micro and Small Enterprises (MSEs).
As per the provisions, the buyer is liable to pay compound interest with monthly rests to the supplier on the amount at three times of the bank rate notified by Reserve Bank in case he does not make payment to the supplier for the supplies of goods or services within 45 days of the day of acceptance of the goods/service or the deemed day of acceptance.
