Section 45
To Ascertain Actual Amount Of Principal And Interest Of Loan
Following the filing of details pursuant to Section 44, the committee, association or authority getting the details to be filed shall, based on the following grounds, ascertain the actual figure of the outstanding principal and interest of an agricultural loan, by giving a reasonable time limit to the concerned persons, inquiring them thereof, and by conducting necessary investigation and inquiry:
(a) If the creditor has already collected two-fold interest of the principal amount, the loan shall be deemed to have been repaid up.
(b) If the creditor has collected interest, in cash or in kind, in excess of Ten percent, the excess interest so collected shall be deemed to have been deducted from the principal.
(c) If the creditor has collected the interest on interest, such interest shall be deemed to have been deducted from the principal.
(d)99 If the creditor has possessed a land on usufruct mortgage on terms of getting produce in excess of Ten percent of the amount of mortgage, all the produces collected shall be converted into cash and the amount found to be in excess of Ten percent shall be deemed to have been deducted from the principal.
(e) No loan lent by any one to his/her own ploughman, Jan or cattle keeper shall carry interest, and even if such interest has been charged and collected, such interest shall be deemed to have been deducted from the principal. The amount by ten percent of the total loan payable by such ploughman, Jan or cattle keeper to his/her own home creditor shall be deemed to go on ipso facto being deducted from the loan for the work done by such ploughman, Jan or cattle keeper for each year.
Provided that, where the wages payable for work as per the local usage exceed that amount, such excess amount shall be deducted from the loan.
(f) If an interest has been collected on the seeds received by the tenant from the landowner, the interest shall be deemed to have been deducted from the principal.
(g)100 In the case of the Kipat land which is not capable of being transferred by sale or conveyance pursuant to law or custom or usage, the earning accrued or received on usufruct mortgage prior to the commencement of this proviso shall not be deducted from the principal of usufruct mortgage pursuant to Clause (d).
(a) If the creditor has already collected two-fold interest of the principal amount, the loan shall be deemed to have been repaid up.
(b) If the creditor has collected interest, in cash or in kind, in excess of Ten percent, the excess interest so collected shall be deemed to have been deducted from the principal.
(c) If the creditor has collected the interest on interest, such interest shall be deemed to have been deducted from the principal.
(d)99 If the creditor has possessed a land on usufruct mortgage on terms of getting produce in excess of Ten percent of the amount of mortgage, all the produces collected shall be converted into cash and the amount found to be in excess of Ten percent shall be deemed to have been deducted from the principal.
(e) No loan lent by any one to his/her own ploughman, Jan or cattle keeper shall carry interest, and even if such interest has been charged and collected, such interest shall be deemed to have been deducted from the principal. The amount by ten percent of the total loan payable by such ploughman, Jan or cattle keeper to his/her own home creditor shall be deemed to go on ipso facto being deducted from the loan for the work done by such ploughman, Jan or cattle keeper for each year.
Provided that, where the wages payable for work as per the local usage exceed that amount, such excess amount shall be deducted from the loan.
(f) If an interest has been collected on the seeds received by the tenant from the landowner, the interest shall be deemed to have been deducted from the principal.
(g)100 In the case of the Kipat land which is not capable of being transferred by sale or conveyance pursuant to law or custom or usage, the earning accrued or received on usufruct mortgage prior to the commencement of this proviso shall not be deducted from the principal of usufruct mortgage pursuant to Clause (d).