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Buyers to pay interest for late payment on GeM Portal

Shortpedia

Content Team

All departments which procure goods and services from the government’s e-marketplace (GeM) will have to pay 1% interest on late payments made to vendors. However, the interest will not be deposited in the vendor’s account, but in the account made by GeM. For any procurement through GeM, the buyers are required to make the payment within 10 calendar days after generation of the consignee receipt and acceptance certificate (CRAC) on the GeM.