ii)Usance Charges (For all ILCs)
a) For Bills upto 7 days Sight 0.30%
b) For Bills over 7days sight &
upto 3 months sight
0.60%c) For Bills over 3 months sight
0.60%for first 3 months plus 0.30%
p.m.
On taking in to above rate please calculate the usance charges from the following LC:- rs.22261000 taken on 07.02.2013 and will expired on 05.04.2013. BAnk deducted Rs.150261/-. please advice me whether this is correct?
CAclubindia
