Economics · MSMED Act Regulations
An MSME unit supplied components worth ₹50 lakh to a large automotive company. The delivery was accepted on January 1, 2024, and no specific payment date was mentioned in the purchase order. The automotive company finally paid on March 15, 2024. Under the MSMED Act, for how many days is the buyer liable to pay compound interest with monthly rests to the MSME?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1No interest is due as the payment was made within 90 days.
- 229 days, starting from February 15.
- 359 days, starting from January 16.✓
- 474 days, starting from January 1.
Correct answer
59 days, starting from January 16.
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