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Prescribed Rate of Interest Adjusted

October 13, 2020

Department of Justice and Constitutional Development

The prescribed rate of interest has been adjusted.

The justice and constitutional development department published the adjusted rate in Government Gazette 43781 in terms of the Prescribed Rate of Interest Act.

The prescribed rate is the maximum rate of interest that may be claimed by a creditor with regard to interest-bearing debts.

It applies to all debts unless a different rate is set by law, by trade custom or by agreement between the parties.

The rate of interest stands at 7,25 percent per annum as from 1 July 2020.

Meanwhile, in Gazette 43784, the Legal Practice Council published draft amendments to the Rules of the Council for comment:

• Notice 547 – Amendment of Rule electronic accounting records or files hosted offsite shall always be kept confidential, shall be reasonably secured and shall remain immediately accessible to authorised persons from the office of the firm – comment until 9 November 2020;
• Notice 548 – deletion of rule 16.10 and the substitution of new rules – nomination of eligible attorneys as attorney members of Provincial Council – comment until 9 November 2020.