https://www.taxtmi.com/caselaws?id=276209 A nationalised bank constituted under the banking nationalisation statute was treated as a body corporate created by special Indian law, so the agriculturists' debt relief enactment did not apply against it. The same decision noted that interest at 11 1/2 per cent per annum with half-yearly rests amounted to compound interest, and in agriculturists' loan matters the Usurious Loans Act raises a presumption that such charging is excessive unless rebutted by special circumstances. As no rebuttal evidence was produced, the compound interest was held excessive, and only simple interest at 11 1/2 per cent up to suit and 6 per cent thereafter was accepted. en-us Wed, 01 Nov 1978 00:00:00 +0530 Thu, 01 Nov 2018 18:10:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276209 A nationalised bank constituted under the banking nationalisation statute was treated as a body corporate created by special Indian law, so the agriculturists' debt relief enactment did not apply against it. The same decision noted that interest at 11 1/2 per cent per annum with half-yearly rests amounted to compound interest, and in agriculturists' loan matters the Usurious Loans Act raises a presumption that such charging is excessive unless rebutted by special circumstances. As no rebuttal evidence was produced, the compound interest was held excessive, and only simple interest at 11 1/2 per cent up to suit and 6 per cent thereafter was accepted. Case-Laws Indian Laws Wed, 01 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276209