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Report No. 63

The Interest Act, 1839

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

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