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

    Question

    When must the buyer make payment to the supplier for

    goods or services rendered under the MSMED Act?
    A Within thirty days from the day of acceptance or deemed acceptance Correct Answer Incorrect Answer
    B Within sixty days from the day of acceptance or deemed acceptance Correct Answer Incorrect Answer
    C On or before the date agreed upon between the buyer and the supplier, not exceeding forty-five days from the day of acceptance or deemed acceptance Correct Answer Incorrect Answer
    D On or before the appointed day, regardless of any agreement between the buyer and the supplier Correct Answer Incorrect Answer

    Solution

    Section 15. Liability of buyer to make payment: Where any supplier supplies any goods or renders any services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between him and the supplier in writing or, where there is no agreement in this behalf, before the appointed day: Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed forty-five days from the day of acceptance or the day of deemed acceptance.

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