GL Code for Penalty on Book Now Pay Later (BNPL) Dues/Outstanding Bill in India Post

GL Code for Penalty on BNPL Dues - 1101330001

GL Description :Penalty on Non-Payment of Magazine Post BNPL

India Post charges a 12% annual penalty on late payments for its Book Now Pay Later (BNPL) facility. The bill is generated on the 7th of the month following the billing period, and must be paid by the end of that month.

How does the penalty work?

• The penalty is 12% per year on the total bill amount.
• The penalty applies if the customer doesn't pay the bill by the due date.

Other BNPL information

• The BNPL contract is valid for one year, and is renewed annually by the approving authority.
• The posting office prepares the BNPL bill each month.
• Customers who choose to pay in full at the time of booking Speed Post articles may be eligible for a discount.