THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 200

This query is : Resolved

s.p.santhanam

s.p.santhanam (Querist)
Follow

23 April 2008 Where any buyer fails to make payment of the amount to the supplier, as required under section 15, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at three times of the bank rate notified by the Reserve Bank.what is the exact bank rate to be considered for this purpose? from where we have to take this exact bank rate

s.p.santhanam

s.p.santhanam (Querist)
Follow

23 April 2008 at what rate of % we have to provide interest ? What is the Rate of RBI in this regard