Kolkata, Oct 27 (KNN) Keeping in view the financial stress faced by MSMEs due to delayed payment by the large companies, an interactive session with officials from State MSME Department and Senior Supreme Court Lawyer is being held for the city based micro, small and medium enterprises (MSMEs) entrepreneurs.

In a communication to the MSMEs, industry body FOSMI said, “As you are aware, a perennial problem for MSMEs is that of delayed payments by large scale buyers. There are however provisions in the MSME Development Act 2006 to deal with this problem of delayed payments. The full extent of the advantages available under the Act for MSMEs with regard to delayed payment is not widely known.”

The interaction is being held today during which Suresh Dhole, Senior Advocate, Supreme Court and Calcutta High Court and an authority on MSMED Act 2006 would be present.

Vijay Bharti, Director, Directorate of MSME under the Department of Micro, Small & Medium Enterprises and Textile, Government of West Bengal and Chairman WBSMSE Facilitation Council will also attend the programme.

The MSMED Act, 2006, contains provisions of Delayed Payment to Micro and Small Enterprise (MSEs) under which the buyer is liable to pay compound interest with the monthly rests to the supplier on the amount at the three times of the bank rate notified by RBI in case he does not make payment to the supplier for his supplies of goods or services within 45 days of the acceptance of the goods/service rendered. (KNN Bureau)