Singapore legislation
Clause 36
Clause 36
New section 74A
The Banking Act is amended by inserting, immediately after section 74, the following section:“Power to refund, reduce, etc., penalty interest charge74A. The Authority may, of its own motion, review any penalty interest charge imposed under section 38(7), 39(7), 40(3) or 77A(2A) and decide —
(a)
not to impose the penalty interest charge;
(b)
to reduce the penalty interest charge payable; or
(c)
where any penalty interest charge has been paid, to refund the whole or part of the amount paid.”.