Section 2(b) in Rules Regulating the Conditions of Sale of Timber from Established Depots
(b)(i)The balance 75 per cent of the bid amount shall be paid by the successful bidder within forty-five days from the date on which sanction of the bid in writing is communicated by the Divisional Forest Officer to the successful bidder by Registered post. However, in exceptional cases, the Divisional Forest Officer may, on the request of the successful bidder, extend this period of 45 days for the payment of balance sale price upto 75 days on payment of interest as detailed in condition No. 2 (b) (ii) below. The payment of the balance amount will be made through a call deposit receipt or a crossed bank draft "issued by a Nationalized Bank on the local branch of the State Bank of India or the local Branch of any nationalized Bank, having clearing accounts" with the Reserve Bank of India or the State Bank of India drawn in favour of the Divisional Forest Officer-Division.(ii)If the balance amount is not paid within forty-five days of the date of despatch of sanction, interest at the rale of 12 per cent per annum will be charged, starting from 46th day onwards. For calculation of interest a period of 15 days and under will be treated as half a month while a period over 15 days will be counted as one month.
