58. Rate of interest for defaulted installment of subscription by a non-prized subscriber [Section 28].
- The rate of interest payable by a defaulting subscriber in pursuance of the proviso to sub section (1) of section 28 of the Act shall be prevailing Base Rate as per Reserve Bank of India +3% per annum.Form-I(See rule 3)Form of application obtaining previous sanction to commence or conduct a chitFrom............................................................Place:Date:ToThe Registrar,Chit Fund,Sir,I, ......................................, son/wife/daughter of.................................................. .................. residing at........................................................................, on behalf of............................................................................ (name of the firm, company, corporation, society, etc.), situated at/having its registered office at .............................................. desire to commence or conduct a chit as foreman at........................................................................................................ (here specify the place with postal address in detail). Full particulars in this regard are given in the Annexure hereto.
