| Contents |
| Chapter 1 |
Introductory |
| 1.1 |
Genesis of the Report |
| 2. |
Other laws |
| 2A. |
Rule of English law |
| 3 |
Indian and English legislation in the 19th century |
| 4. |
Narrow limits |
| Chapter 2 |
History of Interest and Usury |
| 2.1 |
The concept of interest |
| 2. |
Market rate and agreed rate |
| 3,4. |
Justifications for charging interest-money as productive of income |
| 5,6. |
Variations on above approaches |
| 7. |
Hammurabi Code and Roman law |
| 8. |
Origin of the prohibition against usury |
| 9,10. |
Extrinsic circumstances as justifying interest |
| 11. |
Mediaeval theory |
| 12. |
Practical necessity of allowing interest to be charged |
| 13. |
Freedom to charge interest-a feature of modern system |
| 14. |
Brief history of position in England |
| 15,16.,17 |
Lord Ellenborough's view |
| 18. |
Section 28 of the Act of 1833 (Lord Tenterden's Act) provided as follows |
| 19. |
Obscurity of position in India |
| 20. |
English Act of 1934 |
| 21. |
Developments in England summarised |
| 21A. |
Meaning of "interest" |
| 22. |
Developments in India compared |
| Chapter 2A |
Interest in Hindu Law and Muslim Law |
| 2A.1 |
Introductory |
| 2. |
Three outstanding features |
| 3. |
Gradual evolution |
| 4. |
Sophistication |
| 5. |
Damdupat |
| 6. |
Content of the rules |
| 7. |
Rate of interest |
| 8. |
Interest in absence of express stipulations |
| 9. |
Vishnu and Narada |
| 10. |
Starting point |
| 11. |
Katyayana |
| 12. |
Vijnaneshwara |
| 13,14. |
Admissibility of interest |
| 15,16,17. |
Muslim law as to usury |
| 18. |
Prohibition obsolete |
| 19. |
Tyabji's view |
| 20 |
Dower |
| Chapter 2B |
Preamble |
| 2B.1 |
Recommendation to delete the preamble |
| Chapter 3 |
Constitutional Position and Territorial Extent |
| 3.1 |
Introductory |
| 2. |
Entries incidentally relevant |
| 3. |
Part B States |
| 4. |
Interest Act not confined to money-lending |
| 5. |
Recommendation as to extent clause in section 1 |
| 6. |
Misunderstanding as to Part B States caused by note in India Code |
| 7. |
Act not extended by Central legislation after independence |
| Chapter 4 |
Section 1-Power of The Court and Suits Merely for Interest |
| 4.1 |
Section 1-operative provision-analysis |
| 2. |
Conditions to be fulfilled |
| 3. |
Power of the court to award interest |
| 4. |
Position as to winding up proceedings |
| 4A. |
Proceedings other than suits to be covered |
| 5. |
Employees State insurance Court |
| 6. |
Ambiguity as regards the necessity of a written instrument |
| 7. |
Suit merely for interest |
| 8. |
Section 1-opening words |
| 9. |
Judicial decisions as to suit for interest |
| 10,11. |
Aspect of equity |
| 12. |
In the Calcutta case,1 a learned Judge in Chambers said |
| 13,14,15,16. |
Section 63, Contract Act |
| 17. |
Limitation Act |
| 18. |
Recommendation |
| 19,20,21. |
Interest why granted |
| 22. |
Savings recommended for two cases |
| 23,23A |
Section 1 and contrary Agreement |
| Chapter 5 |
Amount on which Interest can be Awarded |
| 5.1 |
Amount on which interest awarded |
| 2. |
English Act of 1934 |
| 3. |
Meaning of "debt" in section 1 |
| 4. |
Meaning of "debt" in common law |
| 5,6,7. |
Action of "debt" |
| 8. |
History of contract |
| 9. |
Debts payable in kind |
| 10. |
Meaning of 'instrument' |
| 11. |
Meaning of 'sum certain' |
| 12. |
Recommendation |
| 13. |
Interest on damages for death or personal injury |
| 14. |
Interest on interest to be prohibited |
| Chapter 6 |
Rate of Interest and Date of Commencement |
| 6.1 |
Scope of Chapter |
| 2. |
Rate of interest |
| 3. |
Provision in English Act (as amended in 1969) as to ordering different rate of interest |
| 4. |
Date of commencement of running of interest |
| 5. |
Starting point of interest |
| 6. |
Notice of demand preferred as the criterion for fixing starting point |
| 7. |
Recommendation to amend section 1, main paragraph |
| Chapter 7 |
Section 1, Proviso-Interest now Payable by Law |
| 7.1 |
Section 1, proviso |
| 2. |
Equitable consideration |
| 3. |
Scope and object of the proviso |
| 4,5. |
Juristic importance |
| 6. |
English law-fraud and other equitable considerations |
| 7. |
Question of enumerating the cases considered |
| 8. |
Need to provide for special circumstances |
| 9. |
Deposit |
| 10. |
Fiduciary relationship |
| 11. |
Fraud |
| 12. |
Dower or maintenance |
| 13. |
Delay in payment of compensation |
| 14. |
Interest on rent |
| 15. |
Other cases |
| 16. |
Recommendation to add right to interested in some cases |
| 17. |
Verbal changes |
| Chapter 8 |
Summary of Recommendations |
| 8.1 |
Summary |
| Chapter 9 |
Recommended Amendments |
| 9.1 |
Recommendation as to extent claus |
| 2. |
Recommendation relating to section 1, Existing section 1, main paragraph |
| Appendix 1 |
Interest Act and Fraud |
| Appendix 2 |
Provisions Regarding Interest in Some Labour Laws |
|
Workmen's Compensation Act, 1923 |
|
The Payment of Wages Act, 1936 |
|
The Coal Mines Provident Fund and Bonus Scheme Act, 1948 |
|
The Employees' Provident Fund Act, 1952 |
|
The Personnel Injuries (Compensation Insurance) Act, 1963 |
|
The Payment of Bonus Act, 1965 |
|
The Payment of Gratuity Act, 1972 |
