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Union of India - Section

Section 40 in The National Capital Region Planning Board Rules, 1985

40. Calculation of interest.

(1)Interest shall be charged at such rate as may be specified by the Board for any particular loan or for the class of loans concerned and the rate of interest prescribed by the Government from time to time shall invariably be adopted by the Board.
(2)A loan shall bear interest for the day of payment but not for the day of repayment. Interest for any shorter period than a complete year shall be calculated as :-
No.of days x Yearly rate of interest
365
Unless any other method of calculation is specified by the Board in any particular case or class of cases.