New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What is the definition of the "appointed day" according

    to the Micro, Small and Medium Enterprises Development Act?
    A The day when goods or services are ordered by the buyer from the supplier Correct Answer Incorrect Answer
    B The day when goods or services are delivered by the supplier to the buyer Correct Answer Incorrect Answer
    C The day following immediately after the expiry of the period of fifteen days from the day of acceptance or the day of deemed acceptance of any goods or any services by a buyer from a supplier. Correct Answer Incorrect Answer
    D The day when the payment for goods or services is made by the buyer to the supplier Correct Answer Incorrect Answer

    Solution

    Section 2. Definitions: (b) "appointed day' means the day following immediately after the expiry of the period of fifteen days from the day of acceptance or the day of deemed acceptance of any goods or any services by a buyer from a supplier. Explanation --For the purposes of this clause,--  (i) "the day of acceptance" means,--  (a) the day of the actual delivery of goods or the rendering of services; or  (b) where any objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day on which such objection is removed by the supplier;  (ii) "the day of deemed acceptance" means, where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services;

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