IREC Rule No.2012: Interest Or Overdue Contributions (SR-307)

2012. Interest Or Overdue Contributions (SR-307):-

(1)   Contribution for leave salary or pension due in respect of a railway servant on foreign service may be paid annually within 15 days from the end of each financial year or at the end of the foreign service if the deputation on foreign service expires before the end of a financial year, and if the payment is not made within the said period, interest must be paid to Government on the unpaid contribution, unless it is specifically remitted by the president at the rate of two paise a day per Rs.100 from the date of expiry of the period of 15 days up to the date on which the contribution is finally paid. The interest shall be paid by the railway servant or the foreign employer according as the contribution is paid by the former or the latter.

(2)  The leave salary and pension contributions should be paid separately as they are creditable to different heads of accounts and no dues recoverable from Government, on any account, should be set apart against these contributions.