NEW DELHI: The Finance Ministry has mandated payment of products bought by the government departments from the MSME vendors under the Government's e-Marketplace (GeM) ‘within 10 calendar days after generation of the consignee receipt and acceptance certificate (CRAC)."
The order, however, comes into force for all procurements made from October 1.
In a circular issued on Friday, the ministry has laid stress on prompt payment as anticipated under the 'Aatmanirbhar Bharat' policy. To promote greater discipline and timeliness in payment to the vendors, the ministry said the buyers not clearing the bills within 10 days will have to pay the penalty of 1% inter per month for the delay beyond the prescribed timeline till the date of payment.
