Union MSME Minister Giriraj Singh on Monday launched an online portal called 'MSME Delayed Payment Portal – MSME Samadhaan' to enable micro, small and medium enterprises directly register their cases relating to delayed payments by government and its departments.

MSMEs will be able to registered their grievances related to delayed payments by individual CPSEs, Central Ministries, State Governments, etc. on this portal. They will also be able to monitor the status of their cases. 

The information about the defaulters will be available in public domain, thus exerting moral pressure on the defaulting organisations.

The CEO of PSEs and the Secretary of the Ministries concerned will also be able to monitor the cases of delayed payment under their jurisdiction and issue necessary instructions to resolve the issues.

Launching the portal, Giriraj Singh said that the Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 contains provisions to deal with cases of delayed payment to Micro and Small Enterprises (MSEs).

"As per the provisions, the buyer is liable to pay compound interest with monthly rests to the supplier on the amount at three times of the bank rate notified by Reserve Bank in case he does not make payment to the supplier for the supplies of goods or services within 45 days of the day of acceptance of the goods/service or the deemed day of acceptance," he explained.

Arun Kumar Panda, Secretary, Ministry of MSME along with other dignitaries and senior officials from the Ministry were also present at the event.