Question
According to the General Insurance Business
(Nationalisation) Act, what is the prescribed rate of interest for any unpaid amount, whether in instalments or otherwise, from the appointed day?Solution
Section 13. Mode of payment: (2) Where any amount is payable whether in instalments or otherwise under the provisions of this section, the unpaid amount, where its payment has become due shall carry interest at the rate of four per cent. per annum from the appointed day.
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