Section 5(1) in The Karnataka Ceiling On Government Guarantees Act, 1999
(1)The Government shall charge a minimum of one percent as guarantee commission which shall not be waived under any circumstance,[Provided That No Guarantee Commission Shall Be Charged In Respect Of The Government Guarantees Extended During The Period From The First Day Of April, 2001 To The Thirty-First Day Of March, 2002 For The Loans Granted By The Karnataka State Co-operative Apex Bank Limited And The Karnataka State Co-Operative Agriculture And Rural Land Development Bank Limited For The Purpose Of Agriculture:Provided further that the Karnataka State Co-operative Apex Bank Limited and the Karnataka State Co-operative Agriculture and Rural Development Bank Limited shall reduce one percent interest in their lending rates for all agricultural loans which have been disbursed by them during the period from the first day of April, 2001 to the thirty- first day of March, 2002] [Inserted by Act 15 of 2002 w.e.f. 1.4.2001]
