Section 24
State Subsidiary LegislationIn forceProvision 23 of 27
Section 24
(1)
Interest shall be calculated quarterly on 1st January, 1st April, 1st July and 1st October on the maximum balance standing to the debit of the Participant in the quarter preceding such date and shall be debited to the account of the Participant.
(2)
If the amount of such interest in any quarter shall exceed the amount of cess credited to such Participant during such quarter then the balance or the whole of such interest shall, on demand, be paid in cash.