Bank rate notified by RBI for MSME delayed payment 2023

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Author- admin
Date:June 7, 2023

Bank rate notified by RBI for MSME delayed payment 2023

MSME Law Notes by NB Associates

Section 16 read with Section 2(b) of the MSME Act prescribes if a buyer fails to make payment to a Micro or small enterprise within a maximum period of 45 days of the acceptance or deemed acceptance of goods or services, the buyer will be required to pay interest at a rate equal to three times the bank rate notified by the Reserve Bank of India.

We are the leading Law firm / Lawyers providing comprehensive MSME legal consultancy to our clients.  We also help and legally assist our clients in the recovery of dues or outstanding.

Clients may contact us at the given number for any legal consultancy or through email id.

Contact no : 9811899279 | Email. mail@nbassociates.net

Bank rate notified by RBI for MSME delayed payment 2023 is currently stands at 6.75%

This means that a Micro or Small Enterprises can claim interest rate of 20.25 % per annum (6.75×3) from the buyer for delayed payment.

This interest is compounding at monthly interval as per the section 16 of the MSME Act.

Bank rate notified by RBI for MSME delayed payment 2023

Date from	Date to	RBI notified Bank rate	Notification Link
08.02.2023	–	6.75%	Click here
07/12/2022	07/02/2023	6.50%	Click here

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Frequently Asked Questions

• What is MSME? 
• How MSME claim is filed?
• What is MSME Samadhan?
• Who are eligible for MSME Samadhan?
• Where can an MSME claim be filed? Jurisdictions
• How effective is MSME Samadhan?
• What are the benefits of MSME Samadhan?
• Whether Limitation Act applies to claims under MSME Act?

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FAQ in MSME Samadhan Portal

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• MSME Complaint Online For Payment – through MSME Samadhan

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Related laws

• Micro, Small and Medium Enterprises Development Act, 2006
• Micro, Small and Medium Enterprises Development (Furnishing of Information) Rules, 2016
• MSME Fund Rules, 2016
• Micro, Small and Medium Enterprises (Amendment) Rules, 2022
• Rules of furnishing information on Plant & Machinery/Equipment

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Latest Notifications

• Click here: Criteria for classifying the enterprises as micro, small and medium enterprises and specifies the form and procedure for filing the memorandum known as ―Udyam Registration.
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