Section 4 in The Interest On Delayed Payments To Small Scale And Ancillary Industrial Undertakings Act, 1993
4. [ Date from which and rate at which interest is payable [ Substituted by Act 23 of 1998, Section 4, for Section 4 (w.e.f. 10.8.1998).]
.-Where any buyer fails to make payment of the amount to the supplier, as required under section 3, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay interest to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at one and a half time of Prime Lending Rate charged by the State Bank of India.Explanation .-For the purposes of this section, "Prime Lending Rate" means the Prime Lending Rate of the State Bank of India which is available to the best borrowers of the bank.]
