Thursday, Mar 28 2024 | Time 23:54 Hrs(IST)
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Business Economy


Interest to be levied on late payment to vendors on GeM

New Delhi, Jul 3 (UNI) In order to promote greater discipline and timeliness in payment to vendors, especially MSMEs, the government has issued an order on Friday to levy interest on late payment to vendors on the government e-marketplace.
The government has been repeatedly emphasising the need for prompt payment to vendors, specially the MSME vendors.
According to the order issued by the Department of Expenditure, ''It is decided that whenever a Consignee Receipt and Acceptance Certificate is auto-generated or issued by a buyer and payment is not made 10 days hereafter, the buyer organisation will have to pay penal interest at the rate of 1 per cent per month for the delayed payment.''
The charge of interest will be prorated for the period of delay.
The amount collected in this regard will be deposited in the account of GeM, the office memorandum said.
The interest will not be payable to the vendor and will be kept by the GeM in a separated account which will be used only for the education of sellers and buyers or other purposes related to GeM or public procurement with the approval of the Department of Expenditure.
The conditions will be applicable for all procurements made from October 1, 2020,
UNI RSA SHK2126
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