Section 256 in The Navy (Pay And Allowances) Regulations, 1966
256. Interest on advance.
- On the amount of advance granted, simple interest shall he charged at the rate fixed from time to time by the Government and such interest shall he calculated on the balance outstanding on the last day of each month and shall he recovered in one or more instalments in the month following that in which the repayment of the principal has been completed. Each instalment shall not be appreciably greater than the instalment by which the principal was recovered.
