Section 12 in Tamil Nadu Agriculturists Relief Act, 1938
12. Rate of interest payable by agriculturists on old loans.
- 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 up to 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 or at the rate of nine per cent per annum simple interest, whichever is less] [Substituted for the expression 'or otherwise' by section 12(i) of the Tamil Agriculturists Relief (Amendment) Act, 1972 (Tamil Nadu Act 8 of 1973).].[* * *] [Words 'that is to say, one pie per rupee per mensem simple interest, or one anna per rupee per annum simple interest' occurring in the proviso were omitted by section 2 of, and the Schedule to, the Tamil Nadu Coinage (Alteration of References) Act, 1960 (Tamil Nadu Act 9 of 1960) and subsequently the proviso itself was omitted by section 12(ii) of the Tamil Nadu Act 8 of 1973).]
