Section 22 in The U.P. Regulation of Cold Storages Act, 1976
22. Rate of interest on loan to a hirer.
- If any money is lent by the licensee to a hirer against the goods stored by some hirer in the cold storage, the rate of interest, in no case shall be higher than one-half of one per cent per annum simple interest over the current rate of interest charged by the State Bank of India, at the time of the loan, for like purposes in respect of advances made by it against goods pledged in its favour.
