CourtMesh

Section 2: Definitions.

The Interest Act, 1978Central Act · Act 14 of 1978

In this Act, unless the context otherwise requires,--

(a) "court" includes a tribunal and an arbitrator;

(b) "current rate of interest" means the highest of the maximum rates at which interest may be paid on different classes of deposits (other than those maintained in savings account or those maintained by charitable or religious institutions) by different classes of scheduled banks in accordance with the directions given or issued to banking companies generally by the Reserve Bank of India under the Banking Regulation Act, 1949 (10 of 1949).

Explanation.--In this clause, "scheduled bank" means a bank, not being a co-operative bank, transacting any business authorised by the Banking Regulation Act, 1949 (10 of 1949);

(c) "debt" means by liability for an ascertained sum of money and includes a debt payable in kind, but does not include a judgment debt;

(d) "personal injuries" includes any disease and any impairment of a person's physical or mental condition;

(e) all other words and expressions used herein but not defined and defined in the Reserve Bank of India Act, 1934 (2 of 1934), shall have the meanings respectively assigned to them in that Act.

Where this provision sits

ActThe Interest Act, 1978
Section2
Marginal noteDefinitions.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it5

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Interest Act, 1978 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.