Buyers to pay interest for late payment on GeM portal: Govt

The government has said that buyers' organisations will have to pay one percent interest per month on late payment to vendors for purchases made on the Government e-Marketplace (GeM) platform. Office of the Union Finance Minister Nirmala Sitharaman in a tweet said that in order to promote greater discipline and timeliness in payment to vendors, especially Micro, Small and Medium Enterprises- MSMEs, the government has issued an order to levy interest on late payment. This will be applica...