Amendment status not verified — confirm the current text below against the official source.
rates of interest. The Arunachal Pradesh Extraordinary Gazette, May 9, 2018 11 • ( 2) No money-lender shall receive from a debtor or intending debtor any sum by way of compound interest on a \oan advanced or intended to be advanced or any sum by way of interest at a rate higher than the rate fixed under sub-section ( 1). (3) Notwithstanding anything contained in any other law for the time being in force, a money-lender shall not charge or recover from any debtor, on account of interest, a sum greater than the amount of principal of loan whether advanced before or after commencement of this Act. ( 4) Notwithstanding anything contained in any other law for the time being in force! no agreement between a money-lender and a debtor for payment of - interest at rates exceeding the maximum rates fixed by the State Government under sub-section (1) and no agreement in contravention of the provisions of sub-sections (2) and ( 3) shall be valid.