Giriraj launches MSME Delayed Payment Portal

Speed Post News Network

New Delhi : Union Minister of State (Independent Charge) for Micro, Small and Medium Enterprises (MSME) Giriraj Singh on October 30, 2017, launched MSME Delayed Payment Portal – MSME Samadhaan (http://msefc.msme.gov.in) here, empowering micro and small entrepreneurs across the country to directly register their cases relating to delayed payments by Central Ministries/Departments/CPSEs/State Governments. The Portal will give information about the pending payment of MSEs with individual CPSEs / Central Ministries, State Governments, etc.
Speaking on the occasion, Giriraj 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 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, according to a PIB release.