Modification of ‑ Change in rate of interest arising out of variation of bank rate ‑ Whether amounts to a charge envisaged under the section - Companies Law - Letter : No. 8/6/81–CL-V,

Letter : No. 8/6/81 CL-V, dated 14-4-1981. Subject:- Modification of Change in rate of interest arising out of variation of bank rate Whether amounts to a charge envisaged under the section The scope of Circular No. 8/14(135)/65 CL V, dated 13 9 1965 [printed below], is limited to the cases where the rate of interest on a charge, etc., has been fixed at a specified percentage above the bank rate as notified by the Reserve Bank and there is a change of rate of interest arising out of the variation of bank rate made by the Reserve Bank by a notification. In other cases of change of rate of interest, section 135 would be applicable and Form No. 141 would be required to be filed, unless the change is consequent upon the change in the bank rate notified by the Reserve Bank.