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Section 7

Additional Emoluments (Compulsory Deposit) Ordinance, 1974Ordinance · 1974

(1) Every amount credited under section 6, in relation to an employee in a Deposit Account, shall carry simple interest at a rate, which shall be two and a half per cent, over and above the bank deposit rate.

Deposits to carrysimple interest.

(2) The interest due on the amount credited in any Deposit Account shall be calculated in such manner as may be specified in the scheme.

480 THE GAZETTE OF INDIA EXTRAORDINARY [PAHI II—

(3) Interest accruing on amounts credited under section 6 to any Deposit Account shall enure to the benefit of the employee in relation to whom such amounts have been credited.

(4) For the purpose of the deduction under section 80L of the Income-tax Act, 1961, interest received on a deposit under this Ordinance shall be deemed to be interest reeeived on a deposit with a banking company to which the Banking Regulation Act, 1949, applies.

43 of 19flL 10 of 1949.

Where this provision sits

ActAdditional Emoluments (Compulsory Deposit) Ordinance, 1974
Section7
StatusIn force as published by the source

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