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    Question

    Under the MSMED Act, 2006, what is the interest rate

    that a buyer must pay to an MSME supplier if payment is delayed beyond the agreed date?
    A Two times the Bank Rate Correct Answer Incorrect Answer
    B Three times the Bank Rate Correct Answer Incorrect Answer
    C Four times the Bank Rate Correct Answer Incorrect Answer
    D Bank Rate + 5% Correct Answer Incorrect Answer
    E Bank Rate + 3% Correct Answer Incorrect Answer

    Solution

    If payment is delayed beyond the agreed date, the buyer must pay compound interest with monthly rests at three times the Bank Rate notified by the Reserve Bank of India. ┬а

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