Section 42 in The Orissa Forest Contract Rules, 1966
42. Payment of Interest on Overdue Instalments.
- Interest at 6¼ per cent per annum shall be paid by the forest contractor on all instalments in arrear in calculating interests any overdue period, including the period of 10 days grace, of or below 15 days will be treated as half a month and any period in excess of 15 days but below 30 days as one month :Provided that the Divisional Forest Officer may at his discretion allow a grace period of 10 days for non-payment of the instalment from the date it fell due and the instalment if paid within this period on interest shall accrue.Notes - 'Month' used in this rule means a calendar month.
