Sec 80 of nia interst 18 % p.a shall be be paid
kamal krishan
(Querist) 09 May 2012
This query is : Resolved
Respectables , Is it Comoundd or simple interst . \If compond then on what intrvals . ????? pl send ur comments I will be helped .
Shonee Kapoor
(Expert) 09 May 2012
Simple.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
SAINATH DEVALLA
(Expert) 10 May 2012
Section 80 NI ACT.Interest when no rate specified.-
When no rate of interest is specified in the instrument, interest on the amount due thereon shall, [notwithstanding any agreement relating to interest between any parties to the instrument], be calculated at the rate of [eighteen per centum] per annum, from the date at which the same ought to have been paid by the party charged, until tender or realization of the amount due thereon, or until such date after the institution of a suit to recover such amount as the Court directs.
Explanation.- When the party charged is the endorser of an instrument dishonoured by non-payment, he his liable to pay interest only form the time that he receives notice of the dishonour
kamal krishan
(Querist) 10 May 2012
Dear Sirs , In Sec 80 of Nia , it is mentiond as Per Annum right it is ( BUT NOT SIMPLE ), and every where in practice in all law full finacial insitutions it is where interst per annum is written, it is compounded qarterly . Although percentagge is lessTHERE IN , as per rate as 8 or 9 % . 18 %is a pnitative ,allowed to be charged from law teasears . So a view on the facts and circumstances pl be placed . Thank u for assiting / helping so nicely
