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Prevailing bank rate under section 372A

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 April 2010 Dear all

Can anyone please help me with the term 'prevailing bank rate' under section 372A for inter corporate loans and advances?

Is it the bank rate i.e 6% or the PLR which is 11-12%?
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kartik_somu

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kartik_somu (Expert)
11 April 2010 it is the standard rate at which RBI grants loans to commerial banks under the security of govt and other first class securoties. it is 6 %
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Rasesh

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Rasesh (Expert)
11 April 2010 Agree with expert.
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