Counting interest payments: What a relief

NaMo Administration
NaMo’s natural flair for business as a Gujarati has inspired officials to count pennies and not spare a paisa in dues. Recently, a government department (housed in Udyog Bhawan) recovered an interest of Rs 9.30 crores from a PSB on the money deposited with it, prompting a senior official to note “what a relief.” It is considered the biggest ever amount recovered by a non-tax department as ‘Penal interest’.
Normally, when the funds are allocated for developmental works, the department concerned parks them in a PSB. As the practice goes, interest on these deposits are generally waived off in the name of natural calamity, strife, or gazetted holidays. This practice is being discontinued and every department has started counting interest payments.

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