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Report No. 63

2.19. Obscurity of position in India.-

This finishes consideration of the English law as it stood before the Act was passed. In India, the position on the subject is not clearly discernible, for two reasons. The first reason is that the provisions on the subject of interest and usury are scattered, and the second reason is that the text of the principal legal provision1 relating to interest, though grammatically complete, is not self-contained as regards the substance. This comment particularly applies to the proviso to section 1 of the Act.2

1. The Interest Act, 1839, section 1.

2. See Chapter 7, infra.

Interest Act, 1839 Back

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