Reservation Credit Certificate (RCC)

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Questions and Answers

What is a Reservation Credit Certificate (RCC)?

A certificate for additional land purchase.
A certificate used for international land reservations.
A certificate specifying compensation for land handed over to the Corporation. (correct)
A certificate that bears interest, paid by the authority

Who issues the Reservation Credit Certificate?

The Corporation's legal team.
The Central Bank.
The State Government.
The Authority. (correct)

What can the amount mentioned in the RCC be used for?

Donations to charitable organizations.
Personal loans and investments.
Purchase of luxury goods.
Payment of various charges to the authority. (correct)

Under what condition does the authority acquire land in lieu of RCC?

When it is immediately required for development. (C) Signup and view all the answers

Does the Reservation Credit Certificate bear interest?

No, it does not bear any interest. (B) Signup and view all the answers

Is the Reservation Credit Certificate transferable?

Yes, it is transferable. (C) Signup and view all the answers

What discount is applied if payment is made through RCC after six months from the date of issue?

A discount of 10% is applied. (D) Signup and view all the answers

Which of the following charges can be paid using a Reservation Credit Certificate?

Development charges. (C) Signup and view all the answers

What is the primary purpose of issuing a Reservation Credit Certificate?

To provide compensation for land acquired by the authority. (D) Signup and view all the answers

Who determines the amount of compensation specified in the Reservation Credit Certificate?

The Authority. (A) Signup and view all the answers

Flashcards

Reservation Credit Certificate (RCC)

A certificate specifying compensation for not handing over reserved land to the Corporation, issued by the Authority.

Uses of RCC amount

Development charges, premium, property tax, and infrastructure charges.

When is RCC issued?

Only when the land is immediately needed for development, amenity creation, services, or utilities.

RCC Interest

The certificate does not accrue any interest on the specified compensation amount.

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RCC Discount

After six months from the issue date, payments made to the authority through RCC will be discounted by 10%.

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RCC Transferability

The certificate can be transferred to another party.

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Study Notes

Reservation Credit Certificate (RCC)

An RCC specifies the compensation amount for not handing over reserved land to the Corporation.
The Authority issues this certificate.
The amount on the RCC can be used for payments to the authority, such as development charges, premium, property tax and infrastructure charges.
The authority acquires land under reservation in exchange for an RCC only when the land is immediately needed for development, amenities, services, or utilities.
The RCC does not accrue interest on the specified amount.
RCCs are transferable.
Payments made to the authority using an RCC more than six months after its issue date will be discounted by 10%.