Regulation 1
Citation and commencement
These Regulations may be cited as the Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 and shall come into operation on 15th December 2010.
/akn/sg/act/sub_leg/1995/RTSA-S767-2010
Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1995
- Sections
- 2
Quick answer
About this subsidiary legislation
Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation RTSA-S767-2010 1995, currently marked in force and first recorded in 1995.
Regulation 2
Late payment interest rate
Amended byS 182/2023 wef 01/04/2023S 182/2023 wef 01/04/2023
Subregulation 1
Amended byS 182/2023 wef 01/04/2023
For the purposes of subsection (1) of section 19B of the Act, where any fee, charge, cash-bid or financial penalty referred to in that subsection is not paid in full by the due date for payment, the licensee shall pay interest on the amount outstanding at a rate of 4.5%‑point above the 3‑month compounded SORA for the period mentioned in paragraph (2).
Subregulation 2
The interest referred to in paragraph (1) shall be levied from the date the payment is due up to and including the date the payment is made.
Subregulation 3
Amended byS 182/2023 wef 01/04/2023
In paragraph (1) —
Definition
“3-month compounded SORA”, in relation to a period, means —
(a)
if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public;
(b)
if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public;
Definition
“Singapore Overnight Rate Average” or “SORA” means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public.
Common questions
- What is Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010?
- Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation RTSA-S767-2010 1995, currently marked in force and first recorded in 1995.
- Is Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 still in force?
- Yes — Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 is currently in force.
- When did Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 take effect?
- Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 was first recorded in 1995.
- How many regulations does Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 have?
- Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 contains 2 regulations.
- Where can I read the official version of Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010?
- The official text of Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 is published at sso.agc.gov.sg.