KV Corner

Charging of interest on delayed payments in Government e Marketplace (GeM). Government of India, Ministry of Finance Department of Expenditure Procurement Policy Division New issued Office Memorandum No. F 6/18/2019-PPD for the Charging of interest on delayed payments in Government e Marketplace (GeM).  Reference This Department O M. No F.6/18/2019-PPD dated 23 01.2020 Government has been repeatedly emphasizing the need for prompt payment to vendors specially the MSME vendors The intent of the Government in this regard has been articulated under the Aatmanirbhar Bharat pronouncements For procurements made under rule 149 of GFRs 2017. buyers are mandated to make payments within 10 calendar days after generation (including auto generation) of Consignee Receipt and Acceptance Certificate (CRAC) in the GeM 2. In order to promote greater discipline and timeliness in payment to vendors. it is decided that whenever a CRAC is auto generated or issued by a buyer and payment is not made 10 days