12. Rate of interest admissible under Section 16(2)(e).
- The rate of interest admissible under clause (e) of sub-section (2) of Section 16 shall be as follows, namely :-(a)3 Per centum per annum simple interest, if the principal ascertained exceeds Rs. 50,000 but in no case shall the amount of interest calculated on any such principal be less than the amount calculated on any such principal under clause (b);(b)4 per centum per annum simple interest, if the principal ascertained exceeds Rs. 10,000 but does not exceed Rs. 50,000, but in no case shall the amount of interest calculated on any such principal be less than the amount calculated on any such principal under clause (c);(c)5 per centum per annum simple interest, if the principal ascertained exceeds Rs. 5,000 but does not exceed, Rs. 10,000, but in no case shall the amount of interest calculated on any such principal be less than the amount calculated on any such principal under clause (d);(d)6 per centum per annum simple interest, if the principal ascertained is Rs. 5,000 or less than Rs. 5,000.
