Section 17(2) in Andhra Pradesh Chit Funds Rules, 2008
(2)Rate of interest payable by the defaulted subscriber and the duty of foreman on receipt of subscription: - Every subscriber who defaulted in payment of instalments in time as per the chit agreement, shall pay the interest @ 18% per annum on the amount so payable to the foreman and the foreman shall pay the amount of dividend of each draw even to the defaulted subscriber as and when the subscriber pays the defaulted subscription.
