(3)Subject to the provisions of sections 18 to 21, nothing contained in clauses (1) and (2) shall be deemed to require the creditor to refund any sum .which has been paid to him or to increase the liability of a debtor to pay any sum in excess of the amount which would have been payable by him if this Act had not been passed.Explanation I. - In determining the amount repayable by a debtor under this section, every payment made by him shall be credited towards the principal, notwithstanding that he has expressly stated in writing that such payment shall be in reduction of interest.Explanation II. - Where the principal was borrowed in cash with an agreement to repay it in kind, the debtor shall, notwithstanding such agreement, be entitled to repay the debt in cash after deducting the value of all payments made by him in kind, at the rate, if any, stipulated in such agreement, or if there is no such stipulation, at the market rate prevailing at the time of each payment.Explanation III. - Where a debt has been renewed or included in a fresh document executed before, on or after the 1st March 1972, whether by the same debtor or by any other person acting on his behalf or in his interest and whether in favour of the same creditor or, of any other person acting on his behalf or in his interest the principal originally advanced together with such sums, if any, as have been subsequently advanced as principal shall alone be treated as the principal sum repayable under this section.Explanation IV. - Where a debt has been split up, whether before, on, or after the 1st March 1972, among the heirs, legal representatives or assigns of a debtor, or of a creditor and fresh documents have been executed in respect of the different portions of such debt, the provisions of this section shall continue to apply in respect of each of the different portions.
