Dear All,
This questions is with regards to the Maharashtra Cooperative Hsg Society of 1961, section 72, which talks about interest on late payment of mainteance charge, its mentioned that the society has to charge a maximum of 21% simple Interest on pending dues. [The section may be incorrect, but the context is of late payment of society maintenance charges]
As a layman with limited understanding of society laws, I figure that this act was passed in 1961, and from that year, its required that all society charge simple interest on the any pending dues.
Was the law different any time between 1985- 2002 period, where the law was to charge cumuilative \ Compound interest?
Has the law changed afterwards and the compound interest was later modified to charge simple interest as stated above in the specific sections.
OR it was the same rules and regulation from 1961 ?
thanks in advance,
