IFSCA Clarifies on Interest Calculation on Late Fee Payments for Entities Undertaking Permissible Activities in IFSC
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- Last Updated on 28 February, 2025
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Circular No. IFSCA-DTFA/1/2025-DTFA, Dated: 26.02.2025
Presently, in the event of failure to pay outstanding dues/fees to the Authority, 20% of outstanding fee or outstanding dues payable, plus 15% interest per month till the time the fee/dues remain outstanding after due date is required to be paid in addition to the originally applicable fee. Now, IFSCA has clarified that the 15% simple interest per month is required to be paid on the late fee only, i.e. on the 20% of outstanding fee or outstanding dues payable.
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