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Penal interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2016 Please,
can anyone help how to calculate penal interest on late submission of stock statement in bank.
Please help me by giving illustration so it will be easy to understand.
Let say Limit of CC :- 1 Cr
Interest Rate :- 14%
Penal Interest is @ 2% .
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 April 2016 calculate the 2% on your limit Rs.1 Cr on the delay number of days
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2016 It wont come on Interest Amount.?
Like (Int amount)*2%*no of days ?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 April 2016 multiple by number of days delay in submission
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2016 ASSUME 20 DAYS DELAY.
THAN?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 April 2016 Then calculate : Rs.1 crore x 2%x20/365 = approx Rs. 10958
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2016 thank you sir...!!!!

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