Applies to: Customers, Procurement, Finance/AR/AP.
Outcome: Know MyOperator’s MSME status and the statutory payment timelines/interest that may apply when MyOperator supplies goods/services.

Quick facts

• Registered under MSMED Act: Effective April 2019 (Certificate no. DL01F0006288 — for vendor onboarding).
• Statutory payment timelines: Buyer must pay by the agreed due date (if in writing) but never beyond 45 days from acceptance/deemed acceptance; if no written due date, pay within 15 days. India Code
• Interest on delay: If payment is late, compound interest with monthly rests at 3× the RBI Bank Rate applies under Section 16. India CodeReserve Bank of India
• Dispute redressal: Cases can be filed with the Micro & Small Enterprises Facilitation Council (MSEFC) via MSME Samadhaan. samadhaan.msme.gov.in+1

Key terms (plain-English)

• Acceptance / deemed acceptance: The point when goods/services are accepted (or deemed accepted); starts the payment clock. The law caps any written credit period at ≤45 days from this point. India Code+1
• Bank Rate: RBI-notified benchmark used to compute the statutory interest (×3) on delayed payments. Reserve Bank of India

How this affects your PO/invoice process (copy-paste)

Vendor master

• Legal name: MyOperator (per your contract)
• MSME certificate no.: DL01F0006288 (attach certificate on request)

Suggested PO clause (template — review with your legal team):

“Supplier is registered under the MSMED Act, 2006. Payment terms shall comply with Section 15 (≤45 days from acceptance; 15 days if no written date). Delays attract Section 16 interest (compound, monthly rests, 3× RBI Bank Rate).”

(Statutory basis: Sections 15 & 16, MSMED Act.) India Code+1

If a payment is overdue — quick steps

1. Reconfirm acceptance/due date used for the invoice (contract vs 45-day cap). India Code
2. Send a reminder (attach invoice, delivery/acceptance proof, and MSME certificate).
3. Calculate statutory interest (from due date/appointed day → payment date) at 3× Bank Rate, compounded monthly. (Finance/legal to compute; use your ERP or a standard interest worksheet.) Reserve Bank of India
4. Escalate: If unresolved, raise with the buyer; if needed, file on MSME Samadhaan (MSEFC). samadhaan.msme.gov.in

Escalation email template (copy-paste):
Subject: Overdue payment as per MSMED Act — [Invoice # / PO #]
Body:

• Supplier: MyOperator (MSME Cert DL01F0006288)
• Invoice & acceptance date: [ ] / [ ]
• Contractual due date: [ ] (≤45 days)
• Amount overdue: ₹[ ]; interest per Sec 16: ₹[ ] (till [date])
• Kindly remit by [date] or propose a resolution.
  
  

FAQ (quick answers)

• Is MyOperator MSME-registered?
  Yes — effective April 2019 (Cert no. DL01F0006288).
• What is the statutory outer limit on credit period?
  Even with a written agreement, ≤45 days from acceptance/deemed acceptance. If no written date, 15 days. India Code
• What interest applies on delayed payment?
  Compound interest, monthly rests, at 3× the RBI Bank Rate under Section 16. India CodeReserve Bank of India
• Where do MSME payment disputes get resolved?
  Through the MSE Facilitation Council, via the MSME Samadhaan portal.