Section 31(7) in Jammu and Kashmir Arbitration and Conciliation Act, 1997
(7)(a)Unless otherwise agreed by the parties, where and in so far as an arbitral award is for the payment of money, the arbitral tribunal may include in the sum for which the award is made interest, [at such rate, not exceeding 6% as it may deem reasonable] [Substituted for "at such rate as it deems reasonable" by Act No. VI of 2010, dated 20.4.2010, w.e.f. 21.4.2010.], on the whole or any part of the money, for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made;(b)a sum directed to be paid by an arbitral award shall unless the award otherwise directs, carry interest at the rate of [six per centum] [Substituted for "eighteen per centum" by Act No. VI of 2010, dated 20.4.2010, w.e.f. 21.4.2010.] per annum from the date of the award to the date of payment.
