Industry Facilitation Council for delayed payments
Ø Industry Facilitation Council has been constituted under the Interest on the delayed payments to Small Scale and Ancillary Industrial Undertakings Act 32/93 (subsequent amendment of 23/98.)
Ø Based on this Act, in A.P. constituted APIFC in 1999 and started functioning from 2000
Ø The main aim of the APIFC to assess the effectiveness in talking the problems of delay payments to SSI and Ancillary Industrial Undertakings.
Ø APIFC proceedings being conducted on every Monday of the month (working day).
Ø “Micro Small and Medium Enterprises Development (MSMED) Act. 2006 is in force w.e.f. 02-10-2006.
Ø Micro & Small Enterprises Facilitation Council Constituted under MSMED act 2006
Delayed Payments Act to Micro & Small Enterprises
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Previous Act |
Change as per MSMED Act |
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Liability of buyer to make payment - period |
90 days |
45 days |
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Rate of interest payable on outstanding amount |
Compound interest with monthly rests, at 1½ times bank rate |
Compound interest with monthly rests, at 3 times bank rate |
Contact Information:
Joint Director (M&HC)
O/o Commissioner of Industries
Chirag ali Lane, Abids
Hyderabad - 500001
Phone : 040-23441676
040-23441600 -05 Extn-230
Mobile : 9989997658
E-mail :jd_mktg@inds.ap.gov.in