The Ministry of Power vide its notification dated 17th January 2022 has extended the timeline for submission of comments on draft Electricity (Late Payment Surcharge and related matters) Rules, 2021 till 24th January 2022.
The rules provide rates of late payment surcharge, payment security mechanism, penalty, process for adjustment and liquidation of arrears.
As per the rule, Late Payment Surcharge (LPS) shall be payable on the payment outstanding after the due date at the base rate of late payment surcharge applicable for the period of first month default. The rate shall increase by 0.5 percent for every month of delay provided that the Late Payment Surcharge shall not be more than three percent higher than the base rate at any time.
