Rule 251 — GFR

Rule 251 (1) Interest on Loans. Interest shall be charged at the rate prescribed by the Government for any particular loan or for the class of loans concerned.

Rule 251 (2) A loan shall bear interest for the day of payment but not for the day of repayment. Interest for any shorter period than a complete year shall be calculated as follows, unless any other method of calculation is prescribed in any particular case or class of cases. Number of days X Yearly rate of interest ------------------------------------------------- 365 (366 in case of a leap year)