Section 3(1)(ii) in The Usurious Loans Act, 1918

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Union of India - Subsection

Section 3(1)(ii) in The Usurious Loans Act, 1918

(ii)notwithstanding any agreement, purporting to close previous dealings and to create a new obligation, re-open any account already taken between them and relieve the debtor of all liability in respect of any excessive interest, and if anything has been paid or allowed in account in respect of such liability, order the creditor to repay any sum which it considers to be repayable in respect thereof;

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Union of India - Subsection

Section 3(1)(ii) in The Usurious Loans Act, 1918