Section 11 in Punjab Legislative Assembly (Grant of Advance to Ministers) Rules, 1979
11. [ Interest. [Substituted vide Punjab Government Notification No. GSR 39/PA 6/47/S.2D/Amd.(3)/96. dated 6.6.1996.]
- In respect of the advance sanctioned under rules 4, 6 and 7 interest shall be charged at the rate of six percent]Officers.Notes. - (1) The interest shall be rounded off to the nearest rupee that is less than fifty paise shall be ignored while fifty paise and above shall be taken as a rupee.(2)The interest shall be calculated on balance outstanding on the last day of each month by the Sanctioning Authority.(3)In case where the advance is drawn in more than one instalment, the rate of interest applicable shall be determined with reference to the date on which the first instalment is drawn.(4)The interest shall also be recoverable along with the principal amount in the manner indicated in rule 13.(5)The audit office shall check the correctness of the interest to be recovered from the Minister.
