Section 9: Special provisions regarding interest

The Uttar Pradesh Debt Relief Act, 1977State Act of Uttar Pradesh · Act 4 of 1977

9. (1) No interest shall accrue in respect of any debt payable by a debtor, after the commencement of this Act.

(2) The interest payable on any debt for any period before such commencement shall be calculated at the rate applicable to the debt under the law, custom or contract, or at a rate of six per cent, per annum, whichever is less, and credit shall be given for all sums paid or credited first towards interest and the balance, if any, towards the principal.

Where this provision sits

Act	The Uttar Pradesh Debt Relief Act, 1977
Section	9
Marginal note	Special provisions regarding interest
Jurisdiction	State of Uttar Pradesh
Status	In force as published by the source

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