Proceedings of the Legislative Council of the United Provinces. Wednesday 28th November 1934. Official Report

'here was a strong minority of the Committee in favour of passing a statute to apply the old law of damdupat in the sense that at the time of making up the account earlier pay meets of interest should be ignored but that the interest decreed should not exceed the principal. [...] What is the harm then if the debtor borrows from the same creditor and at the same time if the creditor is allowed to receive more money in the shane of interest than the total of 100 Or cent Then the law of damdupat do t take into account the point of the creditors in so far as i i. -tax is concerned. [...] The words ar0 The amount of interest held to be due on the date of the application shall not exceed that portion of the total of the amount if any due on 31st December 1916 and the amount if any borrowed after 31st December 1926 as may still be found to be due on the date of the application". [...] That is to say the loss suffered by the landlord is distributed between the creditor and the landlord so far as the period of slump is concerned and not to the period before it. [...] If she pleads guilty to the charge then also thder will Dever think of such a queen he amendment of the Hon'ble the Finarkee Member I ead to the House the following portion of it namely — amount of interest held to be due on the date of the applshall not exceed that portion of the total of the amount if ue on 31st December ; 1916 and the amount if any borrowed"THE UNITED PROVINCES ENCUMB