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Interest calculations on delayed payment to chs

(Querist) 15 October 2013 This query is : Resolved 
Dear Experts,

Greetings

Our quarterly bill payment to Society was delayed by 15 days and due to this they are now in the new bill charging us for full quarter (90 days) and not for the no. of days delayed.

The last Bill was saying interest rate at 1.5% but they are charging at 2% stating that BMC is also charging at 2%.

Our Queries:

a) Are we suppose to pay for the entire 90 days of the bill period or only for the number of days delayed?

b) If the bill is stating 1.5% then can the society charge at 2%?

c) Can we refuse to pay at 2% even though they say that BMC is charging at 2% for since last year?

Kindly help us with your expert advice.

Thank you
Best Regards
Raj Kumar Makkad (Expert) 15 October 2013
a. Just for the delayed period.

b. Society shall have to confine to its own declared rules and even printed on the bill if the same has not been revised in its meeting.

c. Pay under protest what is demanded and then agitate it before the Cooperative Court
Devajyoti Barman (Expert) 15 October 2013
1. Generally delay is calculated for a the entire quarter period. See your Bye-laws.
2.No.
3. No.
V R SHROFF (Expert) 15 October 2013
a. Int charges on date of bill.

b. Society cannot charge 2% pm interest ; Even if the same has been revised in its meeting.

c. Did they stated in writing that " BMC is charging at 2% for since last" so we will also charge interest at 2%???
If so, challenge it as illegal.

Agree with Shri Raj Kumarji, that PAY under protest what is demanded and then agitate it before the Co-operative Court.

Weigh your benefit Vs Litigation exp: Time

R.K Nanda (Expert) 15 October 2013
all depends on bye laws of CHS.
R.K Nanda (Expert) 15 October 2013
moreover, consult local lawyer.
Rajendra K Goyal (Expert) 15 October 2013
Agree with expert raj kumar makkad ji, nothing more to add.
ajay sethi (Expert) 15 October 2013
as per bye laws society can charge maximum 21%interest for delayed payment . if bill mentions 18%per annum society cannot charge more than said interest


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