“The importer-cum-assembler or Original Equipment Manufacturer (OEM) shall pay KIBOR+3 per cent per annum to the customer against late delivery exceeding 60 days of initial booking on the whole of the deposited amount. Statement/details of reimbursement at KIBOR+3 per cent against deliveries beyond 60 days shall be submitted to EDB or Input-output Coefficient Organization (IOCO) bi-annually.”
https://download1.fbr.gov.pk/SROs/202171871928416SRO.837(I)-2021,30.06.2021.pdf
Is applicable from Booking Date ?
60 day clock starts from the date of full payment.
In banks case, full payments ars done on the day of booking. In normal user case, OEM will book the car from 12/15 lakh and ask for remaining amount 30 days before delivery.
Paid full amount also mentioned on PBO, remaining 0
It is applicable from booking date.
Booking Date is 26-OCT-2021 ,
Compensation charge ho gaya hai ?
Booked through Bank
In that case your kibor + 3 rule will apply from 27th december.
Pretty much. Bank will keep its portion of the equity and give you yours.
i hope there will be no demand for additional amount after recent tax hike by the govt, before vehicle is delivered.
Bank will not keep it will pay to customer since it's customer who suffered not bank as conventional bank starts installments from next of disbursement of loan so even if you don't get delivered 1 year late bank has nothing s installments are going to bank.
I should have clarified earlier - the equity share happens in Islamic banking where the bank starts charging you after the delivery of the asset.
I have paid 2 instalments to Bank (Rent+Principal Amount), 3rd due on 1 Mar 2022
Booking Price is 1670000 , please inform difference amount
Is difference amount will pay by Bank or ME ?
yes, bank ne next day se rent charge karna shru kar dia tha
Anyone can share more information regarding process for this claim? I have purchased through bank. Bank paid the full amount and PBO date was 3rd December now 3rd February will be 60th day and still no positive response from the dealership (Adil Ashraf Motors). I was curious if anyone can share the information how to claim this late delivery fine amount? TIA
I have checked the dealers, they have no idea of this clause and as per them no compensation will be paid. any idea how to proceed for this claim?
no this is totally wrong. thats how these auto mafia playing with us. they will miss guide you. according to auto policy 2026 it is mentioned at para 4 that Compulsory payment of KIBOR+3% interest by manufacturers on delivery beyond 60 days on initial deposited amount . for refrence i am attaching AIDEP-Incentives-Final-221221-modified.pdf (136.6 KB)i myself has downloaded this from their website,
The problem here are the douchebags in Ministry for having such a vague statement "initial deposited amount" is this full payment or is this partial payment? no one knows
After thorough research I have made a comprehensive video with accurate information in this context.This should answer all questions...
it is partial payment because they have categorically mentioned that initial payment will not be more than 20% of invoice price. this is the reasons initial payment of city aspire has dropped from 12 lac to 7 lac. honda is giving discount cheques to all on same calculations. their calculation for kibor on full payment is 30 days before delivery date even if you pay full payment 3 months before delivery, because their company policy is to get full payment 30 days before.
