Power consumers to get interest on advance payment of bills The Tribune India
Our CorrespondentLudhiana August 20After amendment of Regulation 318 of the Electricity Supply Code-2014 by the Punjab State Electricity Regulatory Commission Punjab State Power Corporation Limited PSPCL has announced that consumers making advance payment of their electricity bills would be entitled to receive interest on deposit amount at the rate of seven per cent per annum for the financial year 2021-22In its commercial circular 332021 issued on August 13 2021 PSPCL Chief Engineer Commercial has said that the amended Regulation 318 says The consumer may deposit advance payment of future bills which shall be adjusted in the billsThe PSPCL shall however continue to issue monthlybimonthly bills which would indicate the amount adjusted and the balance amount of advance paymentThe distribution licensee shall give interest on the advance payment at marginal cost of funds based on lending rate MCLR for one year as applicable on April 1 of the financial year for which interest is payable subject to maximum of 705 per centThe credit for the interest shall be given when the advance payment becomes zero or on 31st March whichever is earlier for such advance paymentAs per the PSPCL circular the amended Regulation 318 shall be applicable to all licensees including entities exempted under Section 13 of the Act in their respective supply areas from the date of their publication in the official gazette of Punjab Government with effect from July 20 2021
Our CorrespondentLudhiana August 20After amendment of Regulation 318 of the Electricity Supply Code-2014 by the Punjab State Electricity Regulatory Commission Punjab State Power Corporation Limited PSPCL has announced that consumers making advance payment of their electricity bills would be entitled to receive interest on deposit amount at the rate of seven per cent per annum for the financial year 2021-22In its commercial circular 332021 issued on August 13 2021 PSPCL Chief Engineer Commercial has said that the amended Regulation 318 says The consumer may deposit advance payment of future bills which shall be adjusted in the bills The PSPCL shall however continue to issue monthlybimonthly bills which would indicate the amount adjusted and the balance amount of advance payment The distribution licensee shall give interest on the advance payment at marginal cost of funds based on lending rate MCLR for one year as applicable on April 1 of the financial year for which interest is payable subject to maximum of 705 per cent The credit for the interest shall be given when the advance payment becomes zero or on 31st March whichever is earlier for such advance paymentAs per the PSPCL circular the amended Regulation 318 shall be applicable to all licensees including entities exempted under Section 13 of the Act in their respective supply areas from the date of their publication in the official gazette of Punjab Government with effect from July 20 2021
