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  Karnataka Electricity Regulatory Commission, Bangalore.Notifcation No.D/ISD/07/4 dated: 25 th  March 2005K.E.R.C (Interest on Security Deposit) Regulations,2005. Preamble: In exercise of the powers conferred by section 181 read with section 47 (4) of theElectricity Act 2003 (Central Act 36 of 2003) and all powers enabling it in that behalf, the Karnataka Electricity Regulatory Commission hereby makes thefollowing Regulations, namely:  -1. Short title, commencement and interpretation a)These Regulations shall be termed as K.E.R.C. (Interest on SecurityDeposit) Regulations, 2005. b)They shall come into force with effect from the notification in the officialgazette of the State of Karnataka. c)They shall extend to the whole State of Karnataka. 2 Definitions In these Regulations, unless the context otherwise requires: -a) “Act”  means the Electricity Act, 2003 (36 of 2003); b) “ASD” means Additional Security Deposit to make up the minimumdeposit as per the relevant regulation;c) “Bank Rate” means the Bank Rate as notified by Reserve Bank of India; d) “Commission”  means the Karnataka Electricity Regulatory Commission;e) Consumer  means any person who is supplied with electricity for hisown use    by a licensee or the Government or by any other person engagedin the business of supplying electricity to the public under this Act or anyother law for the time being in force and includes any person whose premises are for the time being connected for the purpose of receivingelectricity with the works of a licensee, the Government or such other  person, as the case may be;f)  “Installation”  means the whole of the electric wires, fittings, motors andapparatus installed and wired by or on behalf of a Consumer on one andthe same premises starting from the point of commencement of supply.g) “KER. Act”  means the Karnataka Electricity Reform Act, 1999(Karnataka Act No. 25 of 1999.)  h)  “Licensee” means a person who is a distribution licensee under section14 of the Electricity Act 2003.i) “R.R. No.” or “REVENUE REGISTER NUMBER.”  means the number assigned to the Consumer’s installation. j)“ Security Deposit” means MMD (Months Minimum Deposit) / MSD(Meter Security Deposit). MMD includes 2 Months Minimum Deposit / 3Months Minimum Deposit / Year’s Minimum Deposit.The words and expressions used and not defined in these regulations but defined in theAct/KER Act shall have the meanings as assigned to them in the Acts. In case of inconsistency in the words and expressions used between the Act and the KER Act, 1999,the provisions in the Act shall always prevail. 3.0 Interest on Security Deposit 3.1The Licensee shall pay interest on security deposit of the consumer at the Bank Rate prevailing as on 1 st  April of the financial year for which interest is due. 3.2The accrued interest on security deposit for each financial year shall be credited tothe consumer’s account during the first quarter of the subsequent financial year and be adjusted against the consumption charges.3.3 The details of the deposits held and the interest thereon shall be furnished to theconsumers along with the bill in the month in which the interest is adjusted.3.4 For the ASD/MSD collected during the course of the year, interest on such depositshall be computed for the months following the month in which such securitydeposit is collected.3.5In respect of new installations, interest on security deposit shall be computed for themonths following the month in which service is provided to the installation.3.6Interest shall be payable on security deposit held against each R.R.No irrespective of the amount of deposit held.3.7The amount of interest on security deposit payable shall be rounded off to the nearestRupee. 4.0 Miscellaneous4.1 Power to remove difficulties (a) In case of any difficulty in giving effect to any of the provisions of theseregulations, the Commission may by general or special order, direct the Licenseeto take suitable action, not being inconsistent with the provisions of the ElectricityAct, 2003, which appears to it to be necessary or expedient for the purpose of removing the difficulty.(b) The Licensee may make an application to the Commission and seek suitableorders to remove any difficulties that may arise in implementation of theseregulations. 5. Repeal and Savings:  Section 30.05(c) of KERC (ES&D) Code 2000-2001 is hereby repealed. By the order of the Commission  Sd. Secretary, K.E.R.C.
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