Question

Penalty for delay in refunding application money is charged:-

1 point

(a) 6%

(b) 5%

(c) 15%

(d) 20%

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Answer 1

Answer:

I think 6 %

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Answer 2

Answer:

12%

Explanation:

If the company fails to repay the application money within the said 60 days period, it shall be liable to repay that money with interest @ 12% p.a. from the expiry of the 60th day.