Rate of Interest for SDF loan changed from 9 p.a. to 2 below the bank rate dated 21st October, 2004

MINISTRY OF CONSUl\fER AfFAffiS. FOOD AND PUBLIC DISTRIBUTION (Department of Food and Public Distribution) NOTIFICATION New Delhi, the 21st October, 2004 G.S.R. 687(E).- In exercise of the powers conferred by section 9 of the Sugar Development Fund Act, 1982 ( 4 of 1982), the Central Government hereby makes the following rules further to amend the Sugar Development Fund Rules, 1983, namely:- 1. (!) These rules may be called the Sugar Development Fund (Second _ Amendment) Rules, 2004. (2) They shall come into force on the; date of their publication in the Official Gazette. 2. In the Sugar Development Fund Rules, 1983, (hereinafter referred to as the said rules), in rule 2, after clause (h), the following clause shall be inserted, namely:- "(bb)" "bank rate", means the standard rate as made public by the Reserve Bank oflndia under section 49 of the Reserve Bank ofindia Act, 1934 (2 of 1934) and prevailing on the date of disbursement of the instalment of the loan by the Government;". 3. In the said rules, in rule 16, in sub-rule (9), in clause (iii), - (i) for the figure and words "9 per cent per annum", the words, "tw_() E~~ cent below the bank fit!~" shall be substituted; (ii) for the words "six percent per annum'; the words, "two per cent below the banlc rate" shall be substituted; 4. In the said rules, in rule 17,- (i) in sub rule (3), in clause (a), for the figure and words "9 per cent per annum", the words, "two per cent below the bank rate" shall be 4 THE GAZEITE OF INDIA: E."\'TRAORDINARY IPARTli SEc."3(i)] 5. In the said rules, in rule 17 A, in sub rule (8), for the words "nine per cent per annum'', the words, "two per cent below the bank rate" shall be substituted. 6. In the said rules, in rule 21, - (i) in sub-rule (11), in clause (iii) for the words "six per cent per annum", the words, "two per cent below the bank rate" shall be substituted; (ii) in sub-rule (12), in clause (iii) for the words "six per cent per annum", the words, "two per cent below the bank rate", shall be substitUted. 7. In the said rules, in rule 22, in sub-rule ( 13), for the words "six· per cent per annum, which may be revised by the Central Government from time to time", the words "two per cent below the bank rate", shall be substituted. 8. In the said rules, in rule 23, in· sub-rule (13), for the words ·"six per cent per ·annum, which may be revised by the Central Government from time to time", the words "two percent below the bank rate", shall be substituted. Note_: The principal rules were published in the Gazette of India vide No. GSR 752(E) dated 28.9.83 and subsequently amended vide GSR 817 (E) dated 20.12.84, GSR 838 (E) dated Printed by thi.! M~nager, Oovl of !ndia l'rc.~~. Ring I\.<lild, Mayapuri, New Dclhi-110064