Section 40(1) in Executive Instructions Issued by the Board of Revenue, Orissa under the Orissa Fertilisers Loans Rules, 1965
(1)While effecting collection, interest shall be calculated at 5½ % (i.e., 8 % minus 2½ % subsidy) per annum, if the repayment is made on or before the date fixed for repayment at 12½ % per annum, if the repayment is made after the due date and collected accordingly. The Revenue Inspector should calculate the interest carefully with reference to Column 6 of the list.Periods of half month or less to be ignored for calculation of interest - (2) In calculating the interest, a period of half a month or less shall be disregarded, and any period exceeding half a month shall be taken as one month.
