The Government of Goa vide its notification dated 31st March 2022 has published the Joint Electricity Regulatory Commission for the State of Goa and Union Territories (Electricity Supply Code) Regulations, 2018 (First Amendment) Regulations, 2019 through which it has notified the interest on security deposit.
As per the amendment under regulation 5.135, the Licensee shall pay interest to the consumer at the Bank Rate declared by the Reserve Bank of India prevailing on the 1 st of April for the year, payable annually on the consumer’s security deposit with effect from date of such deposit in case of new connections energized after the date of this notification, or in other cases, from the date of notification of this Supply Code, 2018.
The interest accrued during the year shall be adjusted in the consumer’s bill for the first billing cycle of the ensuing financial year. If the Security Deposit is submitted in the form of Bank Guarantee or by providing lien against fixed deposits, no interest shall be payable to the consumer
