13. Rate of interest payable by agriculturists on new loans.
- In any proceeding for recovery of a debt, the court shall scale down all interest due on any debt incurred by an agriculturist after the commencement of this Act, so as not to exceed a sum calculated at 6 ¼ per cent per annum, simple interest, that is to say, one pie per rupee per mensem simple interest or one anna per rupee per annum simple interest;Provided that the State Government may, by notification in the Official Gazette, alter and fix any other rate of interest from time to time Explanation 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, for the expression " the financial years ending 31st March 1938", 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, for the expression "the four half years immediately preceding the 1st October 1937," the expression "the * [four half years] ending on the 31st March or on the 30th September (whichever is latter) immediately preceding the date on which the debt is incurred" were substituted
