A Member shall be required to pay simple interest at twenty one percent per annum, or, at such lower rate as may be fixed by the General Body, on the outstanding dues to the Society, from the date the amount was due as prescribed under Bye-law no. 70(a), till full and final payment by the Member.
How interest is calculated in housing society for late payment?
Review of payment defaults cases of Society charges Bye - Law 70 | Incorporation of the Society Bye Law 72
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