law: Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 
  4. Date from which and rate at which interest is payable 
  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 such rate, which is five per
  
  cent points above the floor rate for comparable lending.
   Explanation : For the purposes of this section, "floor
  
  rate for comparable lending" means the highest of the minimum lending
  
  rates charged by scheduled banks (not being co-operative banks) on credit
  
  limits in accordance with the directions given or issued to banking companies
  
  generally by the Reserve Bank of India under the Banking Regulation Act, 1949
  
  (10 of 1949).