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Report No. 63

6.2. Rate of interest.-

As regards the rate of interest, there are, theoretically speaking, several alternatives possible. The rate could be fixed in the statute. Or, the maximum rate could be fixed by statute, but, within the maximum, a discretion could be given to the court. Or, the rate could be described in terms of the current rate. We may note that under section 1,1 the rate of interest is, in effect, in the discretion of the court, subject to its not exceeding the current rate. We are of the view that the rate should be left to the discretion of the Court, so that it can deal with each case in the light of its circumstances; and do substantial justice. In view of what is stated above, we do not recommend any change in this regard.

1. Existing section 1.

Interest Act, 1839 Back

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