MSME late payment Intrest rate

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accountant
461 Points Posted on 22 May 2020
what is rate of interest 19-20 for late payment to msme party.
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On 22 May 2020 at 13:41 Report
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This discussion clarifies the interest rate applicable for late payments to Micro, Small, and Medium Enterprises (MSMEs) during the 2019-20 period. The prevailing rate is three times the bank rate notified by the Reserve Bank of India (RBI). This means businesses delaying payments to MSMEs will incur interest charges significantly higher than standard bank rates.

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602 Points Posted on 22 May 2020
Approx. 3times of reate of interest prevailing in Bank
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On 22 May 2020 at 19:34
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Student CA IPC / IPCC
352 Points Posted on 23 May 2020
Interest is to be paid at three times the bank rate notified by the RBI.
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On 23 May 2020 at 23:26

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