Payment Terms
This query is : Resolved
13 November 2008
What is the payment terms(period)when goods are purchased for Micro & Small enterprises after which compound interest will be levied.
13 November 2008
THirty days.
17 November 2008
Liability of buyer to make payment - period
90 days (Previous act)
45 days (Change as per MSMED Act)
90 days (Previous act)
45 days (Change as per MSMED Act)
17 November 2008
Rate of interest payable on outstanding amount:
Compound interest with monthly rests, at 1½ times bank rate (Previous Act)
Compound interest with monthly rests, at 3 times bank rate (Change as per MSMED Act)
Compound interest with monthly rests, at 1½ times bank rate (Previous Act)
Compound interest with monthly rests, at 3 times bank rate (Change as per MSMED Act)
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