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Finance Ministry to levy 1% late payment interest on government e-marketplace


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Finance Ministry to levy 1% late payment interest on government e-marketplace

PolicyStock Analysis, IPO, Mutual Funds, Bonds & More“It is decided that whenever a Consignee Receipt and Acceptance Certificate (CRAC) 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 @ 1% per month for the delayed payment,” said finance minister Nirmala…

Finance Ministry to levy 1% late payment interest on government e-marketplace

The Economic Times

Policy

Stock Evaluation, IPO, Mutual Funds, Bonds & More

    “It is determined that at any time when a Consignee Receipt and Acceptance Certificates (CRAC) is auto-generated or issued by a buyer and fee just isn’t any longer made 10 days hereafter, the client organisation will must pay penal interest @ 1% month-to-month for the delayed fee,” stated finance minister Nirmala Sitharaman’s space of job in an replace via Twitter on Friday.

    Closing Updated: Jul 03, 2020, 09.42 PM IST

    Agencies

    finance ministry
    The yelp comes at a time when most MSMEs are coping with a severe liquidity crunch owing to the pandemic and lockdown.

    Aimed at bettering the self-discipline and timeliness of payments to distributors, in particular micro, puny and medium enterprises (MSMEs), the government determined to levy a 1% interest month-to-month on slack payments for purchases made on the govt e-marketplace (GeM).

    “It is determined that at any time when a Consignee Receipt and Acceptance Certificates (CRAC) is auto-generated or issued by a buyer and fee just isn’t any longer made 10 days hereafter, the client organisation will must pay penal interest @ 1% month-to-month for the delayed fee,” stated finance minister Nirmala Sitharaman’s space of job in an replace via Twitter on Friday.

    The yelp comes at a time when most MSMEs are coping with a severe liquidity crunch owing to the pandemic and lockdown. “Executive has been time and all over again emphasising the need for urged fee to distributors particularly MSME distributors,” the yelp dated Friday stated.

    As per rule 149 of the Traditional Monetary Guidelines 2017, patrons are mandated to compose payments within ten calendar days after the CRAC has been generated within the GeM.

    In step with the directive, interest will be charged from the predominant day beyond the ten day length except the fee is made. The slack fee levy will be over and above any other interest prices relevant as per the contract between the client and vendor, it stated.

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    The amount still from the slack fee levy may presumably be deposited in an yarn maintained by the GeM and will be worn for the training of sellers and patrons or any other capabilities linked to GeM or public procurement, the yelp stated.

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    Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service

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