Section 212(a) in Jammu and Kashmir Contract Act, Svt. 1977 (1920 A.D.)
(a)A, a merchant in Calcutta, has an agent, B in London to whom a sum of money is paid on A's account with orders to remit. B retains the money for a considerable time. A, in consequence of not receiving the money, becomes insolvent. B is liable for the money and interest from the day on which it ought to have been paid, according to the usual rate, and for any further direct loss as e.g. by variation of rate of exchange-but not further.
