shreya singal (student) (297 Points)
06 December 2016Hello everyone...... I'm doing concurrent audit for a bank and now I'm trying to calculate the seepage amount. The bank has not obtained 5months stock statements for one account. The loan amount is Rs.3,00,00,000/-. How much is the penalty that has to be charged for non-submission???
Harsh Singhal
( )
(81 Points)
Replied 06 December 2016
Hey Shreya, there is no specific amount of rate to be charged as penalty from the person defaulting in submission of stock statement. The rates vary from bank to bank as per there own rules. Generally the rate of penalty is 2% upto 4% (in some cases).
Take care !
satya
(no)
(88 Points)
Replied 06 December 2016
Avinash Kumar
(CA-Final Students)
(192 Points)
Replied 06 December 2016
CAclubindia
