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Govt to levy interest on late payment to MSMEs for GeM purchase
TIWN
Govt to levy interest on late payment to MSMEs for GeM purchase
PHOTO : TIWN

New Delhi, July 4 (TIWN) Government departments and agencies will have to pay interest on late payment to vendors, largely MSMEs, for products procured through the Government e-Martketplace (GeM), starting October 1.

However, this very interest will not go to the MSMEs concerned and instead, will deposited in an account maintained by the GeM, which will be used only for the education of buyers and sellers or public procurement with the prior approval of the Department of Expenditure, said the office memorandum.

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