Home Circulars 1965 Companies Law Companies Law - 1965 This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Provident funds ‑prohibits payment of interest at higher rate - Companies Law - Letter : No. 8/20(418)/65‑CL‑V,Extract Letter : No. 8/20(418)/65 ‑ CL ‑ V, dated 28 ‑ 9 ‑ 1965. Subject:- Provident funds ‑ prohibits payment of interest at higher rate Sub‑section (2) of section 418 only imposes a restriction on the right of an employee of a company to receive interest at any rate exceeding that specified therein. It does not prohibit an employee from receiving and the trustees of a provident fund from paying voluntarily interest at a higher rate if they can afford to do so.
|