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Report No. 63

2A.3. Gradual evolution.-

That the law gradually progressed from a strict attitude towards the charging of interest to a more liberal one, can be illustrated by stating that some of the earlier writers1-such as, Vasistha-not only provided strict rules as to the maximum rate of interest, but also mentioned that some writers had stated that the above rate of interest should not be paid for more than a year. In later works, however, such a strict emphasis on restrictions as to interest is missing.

1. Vasistha even condemned extortion of interest, P.N. Sen Hindu Jurisprudence, (1918), p. 306.

Interest Act, 1839 Back

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