Amendment status not verified — confirm the current text below against the official source.
ProvtSwn for mterest.-{ 1) The interest outstandmg at the commencement of this Act on any debt shall be paid in ten equal half-yearly mstalments, each such mstalment being payable along with the correspondmg instalment of the princi- pal amount specified m sub-section (1) of Section 4: Provided that the amount of the mterest payable by an agnculturist under sub-section { 1) shall not exceed one-half of the prmcipal amount outstanding at the commencement of this Act. {2) Notwithstanding anythmg contamed m sub-section ( 1), no creditor shall be reqmred to refund any sum paid to him which IS m excess of the amount calculated as due under sub-sectiOn ( 1), nor shall such excess amount be liable to be adjusted towards any future mterest or the prmcipal amount of the debt. .. I (3) The mterest payable after the commencement of this Act shall be at the rate applicable to the debt under any law or custom for the time being m force or under any contract or under a decree or order of any Court, or at six per cent per tJ. annum simple mterest, whichever Is less, and the amount of interest accrued due on the principal amount outstanding till the date of payment of each of the instalments under sub- section ( 1) of SectiOn 4 shall be payable along with such instal- ment.