Now small entrepreneurs don’t need to worry! MSME portal launched to solve delayed payment cases
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New Delhi, October 31: Micro, Small and medium entrepreneurs don’t need to worry anymore about any delayed payment as Government has stretched its hand to help them in problems. Minister for Micro, Small and Medium Enterprises (MSME) Giriraj Singh on Monday launched MSME samadhan portal. It will enable micro and small entrepreneurs across the country to directly register their cases relating to delayed payments from any Governmental departments.
As the Micro, small and medium enterprises always don’t have sufficient capital they may face a severe problem if they get late problems. Now they can directly register their cases relating to delayed payments in the portal. They can upload their issues, problems in case they do not get payment within 45 days from PSUs or government agencies.
The portal will give information about the pending payment of MSEs. It will meticulously monitor the issues of delayed payment. Even the MSEs will also be empowered to access the portal and monitor their cases.
MSMED Act:
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.