law: The Micro, Small and Medium Enterprises Development Act, 2006 
  16. 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 15,
  
  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 compound interest with monthly rests 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 three times of the bank rate notified by the Reserve
  
  Bank.