Section 13 in Tamil Nadu Agriculturists Relief Act, 1938
13. Rate of interest payable by agriculturists on new loans.
- In any proceeding for recovery off debt, the Court shall scale down [all interest whether paid or payable] [Substituted for the expression 'all interest due' by section 13(i)(a) of the Tamil Nadu Agriculturists (Amendment) Act, 1972 (Tamil Nadu Act 8 of 1973).] on any debt incurred by an agriculturist [on or after the 1st March 1972] [Substituted for the expression 'after the commencement of this Act' by section 13(8)(b) of the Tamil Nadu Agriculturists (Amendment) Act, 1972 (Tamil Nadu Act 8 of 1973).], so as not to exceed a sum calculated at [nine per cent per annum] [Substituted for the expression '614 per cent per annum' by section 13(1)(c) of the Tamil Nadu Agriculturists (Amendment) Act, 1972 (Tamil Nadu Act 8 of 1973).], simple interest, [* * *] [Words 'that is to say, one pie per rupee per mensem simple interest, or one anna per rupee pci annum simple interest' 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).]:Provided that the [State] [Substituted for the word 'Provincial' by the adaptation Order of 1950.] Government may, by notification in the Official Gazette, alter and fix any other rate of interest, from time to time.[Explanation I. [Explanations I and II were substituted for the original Explanation by section 13(ii) of me Tamil Nadu Agriculturists Relief (Amendment) Act, 1972 (Tamil Nadu Act 8 of 1973).] - For the purposes of this section, the definition of 'agriculturist' in section 3(ii) shall be read as if-(i)in proviso (A) to that section as amended by the Tamil Nadu Agriculturists Relief (Amendment) Act, 1972 (Tamil Nadu Act 8 of 1973)), for the expression 'the financial years ending on the 31st March 1972, the expression 'the financial years ending on the 31st March immediately preceding the date on which the debt is incurred were substituted; and(ii)in provisos (B) and (C) to that section as amended by the Tamil Nadu Agriculturists Relief (Amendment) Act, 1972, for the expression 'the four half years immediately preceding the 1st March 1972', the expression 'the four half years ending on the 31st March or the 30th September (whichever is later) immediately preceding the date on which the debt is incurred' were substituted.Explanation II. - Where any agriculturist has paid to any creditor any interest at a rate more than the rate specified in this section, the amount of interest so paid shall be calculated by the Court at the rate specified in this section and the excess of the amount so paid shall be credited towards the principal.]
