Section 8 in The M.P. Goldsmith Rehabilitation (Loans) Rules, 1963
8. Repayment of Loans.
(1)The loan shall be repayable in ten annual equated instalments of principal together with interest thereon. The first instalment shall fall due on the 30th June of the year next following the year in which the loan has been advanced and all subsequent instalments will similarly fall due on the 30th June of each year :Provided that the interest shall become payable from the date of advance of the loan:Provided further that the loan may be repaid in lesser instalments.(2)All repayments of loan, interest and penalty, if any, under these rules shall be made at the nearest Government treasury to the credit of the State Government under the head "Q-Loans and Advances by the State Government-A Loan to Local Funds, Private Parties, etc. A-8 Misc. Loans and Advances-Non-plan Loans and Relief of Goldsmiths".(3)On every instalment of principal or of interest which is not paid on the date fixed for repayment, a penalty at the rate of 8 per cent per annum shall be levied from the said date, until it remains unpaid.
