Section 40 in Executive Instructions Issued by the Board of Revenue, Orissa under the Orissa Fertilisers Loans Rules, 1965
40. Manner of Calculation of interest.
(1)While effecting collection, interest shall be calculated at 5½ % (i.e., 8 % minus 2½ % subsidy) per annum, if the repayment is made on or before the date fixed for repayment at 12½ % per annum, if the repayment is made after the due date and collected accordingly. The Revenue Inspector should calculate the interest carefully with reference to Column 6 of the list.Periods of half month or less to be ignored for calculation of interest - (2) In calculating the interest, a period of half a month or less shall be disregarded, and any period exceeding half a month shall be taken as one month.
