NCLAT: Corporate Debtor’s Guarantor Liability Unchanged Despite Internal Adjustments Among Creditors  ||  NCLAT: Plea under IBC Section 7 Can't Be Restored After Corporate Debtor Pays Principal & Interest  ||  Delhi HC: Wife Can Be Denied Maintenance If She Fails To Submit Latest Salary Slips  ||  Kerala HC: Income of Parent Who Abandoned Family Shouldn’t Count For EWS Reservation Eligibility  ||  Gujarat HC: Writ Courts Interfering in Arbitral Procedure Orders Defies A&C Act’s Purpose  ||  Delhi HC: Plaintiff Doesn’t Have Vested Right to File Rejoinder under CPC  ||  J&K&L HC: Name Change Is Fundamental Right; Boards Must Consider Legal Documents, Not Reject Request  ||  SC: Administrative Delays by State Agencies Must Not Be Condoned  ||  Sc: When Sale Deed Is Void, Possession Suit Follows 12-Year Limitation under Article 65, Not Art 59  ||  SC: Preliminary Inquiry Report Can’t Stop Court from Directing FIR Registration    

Recovery of Interest on delayed remittance of Government Receipts into Government Account- (Reserve Bank of India) (26 Sep 2019)

MANU/RMIC/0133/2019

Banking

In Circular DGBA.GAD.No.H-4831/42.01.011/2012-13 dated February 13, 2013 wherein, in order to bring uniformity in the procedure of reporting both central and State government transactions to Reserve Bank, it was advised that the petty claims of delayed period of penal interest involving amount of Rs. 500/- or below will be ignored and excluded from the purview of penal interest.

With a view to bring further uniformity in the procedure for reporting both central and state government transactions to Reserve Bank, it has been decided with the approval of Comptroller and Auditor General of India that instructions given in para 7.4 of CGA's OM S-11012/1(31)/AC(22)/2015/RBD/332-424 dated March 9, 2016, will be made applicable to State government transactions also i.e ignoring petty claims of penal interest involving an amount of Rs. 500/- or below and excluding them from the purview of penal interest, and applying the limit of penal interest of Rs. 500/- on per transaction basis.

Tags : GOVERNMENT RECEIPTS   RECOVERY   INTEREST  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved