The Reserve Bank of India (RBI) on August 02, 2021 has provided that penal interest for excess put through/ double claim amount may be levied by State Government as in the case of delayed credit of receipts. The penal interest period for such double claim/excess put through may start from the date on which the agency bank has received the excess put through / double claim amount and up to previous date to actual date of return of such excess put through / double claim amount by agency banks to concerned state government account (excluding the date of return of such excess payment/double claim amount by the agency banks to government account(s). The rate of penal interest is Bank rate plus 2%.
