Hello everyone...... I'm doing concurrent audit for a bank and now I'm trying to calculate the seepage amount. The bank has not obtained 5months stock statements for one account. The loan amount is Rs.3,00,00,000/-. How much is the penalty that has to be charged for non-submission???
3 Replies
Harsh Singhal
( )
(81 Points)
Replied 06 December 2016
Hey Shreya, there is no specific amount of rate to be charged as penalty from the person defaulting in submission of stock statement. The rates vary from bank to bank as per there own rules. Generally the rate of penalty is 2% upto 4% (in some cases).
Take care !
satya
(no)
(88 Points)
Replied 06 December 2016
read the sanction letter to find is there any penalty clause for non submission
then calculate
first take normal intrest what currently bank charging and if that persentage is this amount then for 2 or more present what amount
and if delayed in days then for days if not submitted for whole month then full month intrest will charge
then calculate
first take normal intrest what currently bank charging and if that persentage is this amount then for 2 or more present what amount
and if delayed in days then for days if not submitted for whole month then full month intrest will charge
Avinash Kumar
(CA-Final Students)
(192 Points)
Replied 06 December 2016
Normally penal interest is charged @ 2% p.a. for non submission of stock statement on avg. of limit used by borrower.
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