Section 32(2) in The Punjab Minor Mineral Concession Rules, 1964
(2)If the contractor fails to pay any instalment of contract money or part thereof due to the Government under the terms and conditions of the contract on due without written permission of the Director in that behalf, he will be liable to pay interest thereon at the rate of [twenty four percent] [Substituted by Haryana Government Notification No. GSR.30/CA67/57/S.15/91, dated 17.5.1991.] per annum till such amount is paid :Provided that no interest shall be payable if the amount is paid within three days from the due date in case the annual contract money does not exceed five lacs and within seven days in case the annual contract exceeds five lacs.]
