Insertion of Rule 24 regarding special provision relating to calculation of rate of interest in certain cases dated 4th July, 2005

MJNJSTRY OF CONSUMER t\JlllAffiS, FOOD AND l'UDLlC DISTIUllUTION (Departmeul of Food and Public Distribution) ·' NOTIFICATION G.S.R. 45 i (E).- In exercise of the p<Jwers corJerred by Section 9 of the Sugar Development Fund Act, 1982 ( 4 of !982), the Central Government hereby mal<es the following rules further to amend the Sugar Development Fund Rules, 1933, namely:- I. ( l) Tilcse rules may be called the Sugar Development Fund (Second Amendment) Rules, 200 5 . • (2) They shall come into force on tlte date of tlteir publication in tltc Official Gazette. 2. Ill Ute Sugar Development Fnnd Rules, 1933, after rule 23, Ute following chapter shall be inserted, namely:- . 24. (l) NotwiUJStanding anything conta.illed in rules 16, 17, 21, 22 and 23, on :md from the date of commencement oft he Sugor Development Fund (Second AJuemhucnt) Rules, 2005, the rate of interest 011 all loans outstanding on tltc date of commcucemCllt of the Sugar Dcvclopme!\t Fund (Second Amendment) Rules, 2004 shall be two per cent bciow the bank. ralc as was prevailing 1.m lhc 2 !st day ofOclobcr, 2004. (2) ln respect ofloans outstandiug as mentioned in sub-rule ( 1), the rate of interest during the period between the date of commencement of the Sugar Development Fund (Second Amcn.dmcul) Rules, 2004 and the commencement of the Sugar Development Fund (Seco11d Amendment) Rules, 2005 shall be two per cent below the bank rate prevailing as on the 21st day of October, 2004, and any interest paid or charged in excess thereof for the said -period shall be credited to the <lccoiu1t oftltc loa nee sugar tmdcrtaking. (3) In case of default iurepaymcnt of the ammmt ofloan, or payment of a.ny instalment thereof or interest there<>n, an additional rate of interest at Ute rate of two and half per cent per annum on the amount of default till such repayment or payment oflustalment or iutcrest as the case may be, shail be payable by the sugar undertaking". Note :-The prutcipal rules were published in the Gmette of India vide number G.S.R 752(E) dated 28·09-1983 and anJ Publbhed by the Controller of Pubiico.tious, Dellti~ll 0054.