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[Cites 0, Cited by 0] [Section 3(1)] [Section 3] [Entire Act]

State of Punjab - Subsection

Section 3(1)(ii) in The Punjab Regulation of Accounts Act, 1930

(ii)the prescribed accounts shall be so kept that items due by way of interest shall be shown as separate and distinct from the principal sum, and separate totals of principal and interest shall be maintained. The creditor shall not in the absence of agreement, include the interest or any portion of it in the principal sum; and the principal and interest shall be separately shown in the opening balance of each new six-monthly account;