Section 4A in The Punjab Regulation of Accounts Act, 1930
4A. [ Receipt for repayment of loan [Section 4A inserted by Punjab Act 44 of 1960, Schedule.]
. - (1) Every creditor, who receives repayment from his debtor on account of any loan advanced to him, shall forthwith give a receipt therefor.(2)Notwithstanding anything contained in any other enactment for the time being in force in any suit or proceeding relating to a loan, if the court finds that the provisions of sub-section (1) have not been complied with by the creditor it shall, if the plaintiff's claim is established in whole or in part, disallow the whole or any portion of the interest found due, as may seem reasonable to the court in the circumstances of the case, and may also disallow costs.(3)The provisions of this section shall not apply to any loan made before the commencement of the Punjab Money Lending and Debtors' Protection Laws (Extension and Amendment) Act, 1960 unless any fresh transaction in respect of such loan is made after such commencement.]
