APAR Act 12Chapter 2 · Scaling down of Debts and Future rate of Interest
Section 12 · Rate of interest payable by agriculturists on old loans
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- All debts which have been scaled down under the provisions of this Act shall, so far as any sum remains payable thereunder, carry from the date upto which they have been scaled down interest on the principal amount due on that date at the rate previously applicable under law, custom, contract or otherwise;Provided that it shall not in any case exceed 6 ¼ per cent per annum simple interest that is to say, one pie per rupee per mensem simple interest, or one anna per rupee per annum simple interest.
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