we are conducting revenue audit of bank. they are not charging penal interest for late/non submission of stock statements. generally penal interest should be charged @2%.here one example is December 2014 month stock statement due date is 20/01/2015, but they are given on 26/01/2015. in this case how we can calculate penal interest?
08 September 2015
If stock statement not received with in due date then the drawing power shall considered as ZERO(0) from the next day of due date means total balance in the account is excess drawn show compute penal interest for balance in account for 6 days @2% p.a, some banks have policy to compute penal interest for late submission of stock statements on limit of the loan in such case calculate penal interest for 6 days on limit of the loan, so first know about the policy of the bank.
Note: Some times it is possible, banker may received stock statement with in due date but due to banker's problem means heavy work etc.... they update it on their system after some days of receipt in such case customer not accept to collect penal interest, so first confirm the receipt date of stock statement before apply of penal interest
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