Concurrent Audit in a Bank

actually bank clerk keep 'penal int manual' in print or in electronic form. in that all transaction which attract penal int will be listed. u ask them to gve that manual .

eg of penal int: late submission of stock statement attract penal int. this is one eg. 

ya and the rates of intt. are also decided by banks and forwarded to the branches as guidelines.

@ Kaya

Thxs for replying.

Can u pls let me how to calculate penal interest for late submission of stock statement if the rate is 2%.

Problem is when i hv calculated this interest in bank where i'm audit asst., i found diff of 2 to 3 rupees in each account whose statement has been submitted after the due date.

Is service tax is also levied along with int..

pls reply

so you can take a reference from this file
 

Originally posted by : suneet
	so you can take a reference from this file

wht u r trying to say i hv not undertstood...