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Tuesday, Feb 12, 2002

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Ceiling on co. deposit rates reduced

By Our Legal Correspondent

NEW DELHI FEB. 11. The Department of Company Affairs (DCA) has issued a notification reducing the rate of interest payable by companies on public deposits from 14 to 12.5 per cent with immediate effect.

The notification, amending the Companies (Acceptance of Deposits) Rules, 1975, has been issued under Sec. 58A read with Sec. 642 of the Companies Act, in consultation with the Reserve Bank of India.

The reduction is in line with current trends in interest rates in the banking and financial sectors.

It intends to safeguard the interest of depositors and investors, says an official release.

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