Section 202A: Levy of surcharge

16[202A. Levy of surcharge.- Notwithstanding anything contained in this Act and without prejudice to any other action that may be taken thereunder, if any person fails to pay the arrears within the prescribed time, he shall, in addition to the arrears, be liable to pay surcharge at the rate of 40[KIBOR plus three per cent per annum], of the total amount of arrears. Explanation.- For the purpose of calculating surcharge, the period of default shall be reckoned from the day following the due date on which the arrears were required to be paid to the day preceding the date on which the same are actually paid.]

Effective date: 1969-03-03

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