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State of Haryana - Section

Section 32 in The Punjab Minor Mineral Concession Rules, 1964

32. [ Terms and conditions for payment. - (1) The balance amount of contract money, after adjustment of the initial amount deposited at the time of auction in terms of rules 30(2)(iv) and 31(3), shall be deposited in advance in the manner given below on the dates mentioned in the agreement :-

Where the annual contract money -
(a) does not exceed rupees one thousand -- in annual instalment on the 1st day of April every year.
(b) exceeds rupees one thousand but does not exceed rupees fivelacs -- in equal quarterly instalments on the 1st day of January,1st day of April, 1st day of July and 1st day of October, everyyear.
(c) exceeds rupees five lacs -- in equal in monthly instalments on the 1st day of eachcalendar month
(2)If the contractor fails to pay any instalment of contract money or part thereof due to the Government under the terms and conditions of the contract on due without written permission of the Director in that behalf, he will be liable to pay interest thereon at the rate of [twenty four percent] [Substituted by Haryana Government Notification No. GSR.30/CA67/57/S.15/91, dated 17.5.1991.] per annum till such amount is paid :Provided that no interest shall be payable if the amount is paid within three days from the due date in case the annual contract money does not exceed five lacs and within seven days in case the annual contract exceeds five lacs.]