Futwah-Islampur Light Railway Line (Nationalisation) Act : INTEREST Indian Bare Acts :

Futwah-Islampur Light Railway Line (Nationalisation) Act,1985

Act No : 83

Section : INTEREST

SECTION 07: INTEREST

-The amount referred to in sub-section (1) of Section 6-as reduced by the deductions under sub-section (2) of that section, shall, if not paid to the Company before the expiry of the period specified in the said sub-section (1), carry simple interest at the rate of four per cent, per annum for the period commencing on the appointed day and ending on the date on which payment of such amount as so reduced is made by the Central Government to the Company:

Provided that if the amount as so reduced is tendered to the Company but not accepted by it, no interest shall run from the date of such tender.