Finance Ministry declared Motor vehicle advance interest rate for the year 2011-12

Dear Comrades,
Finance Ministry declared rate of interest on Motor vehicle advances for the year 2011-12.

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F.No. 5(2)-B(PD)/2011

Government of India

Ministry of Finance

Department of Economic Affairs

New Delhi, the 19th March, 2012

OFFICE  MEMORANDUM

Subject :         Advances to Government servants — Rate of interest for purchase of

conveyances during 2011-2012.

The undersigned is directed to state that the rates of interest for advances sanctioned

to the Government servants for purchase of conveyances during 2011-2012 i.e. from

1st April, 2011 to 31st March, 2012 are revised as under:

Rate of interest

per annum

(i)        Advance for purchase of conveyance other than

motor car (viz. motor cycle, scooter etc.)                  9%

(ii)       Advance for purchase of motor car                          11.5%

(A.K. Bhatnagar)

Under Secretary (Budget)

To

1. All Ministries/Departments of the Government of India with spare copies for IFA,

Controller of Accounts and Pay and Accounts Offices.

2. Finance Secretaries of UTs without legislature.

Copy forwarded to:—

1. C&AG of India,  New Delhi.

2. C.G.A., New Delhi.

3. C.G.D.A., New Delhi.

4. All AGs and Director of Accounts.

5. Supreme Court of India.

6. UPSC, New Delhi.

(A.K. Bhatnagar)

Under Secretary (Budget)

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