5. Amendment of the Usurious Loans Act, 1918.

{
    "act_title": "Punjab Relief of Indebtedness Act, 1934",
    "act_slug": "punjab-relief-of-indebtedness-act-1934",
    "section_label": "Section",
    "section": {
        "number": "5",
        "title": "5. Amendment of the Usurious Loans Act, 1918.",
        "chapter": null,
        "content": "(i) for the word \"and\" in clause (a) of sub-section (1) the words \"or\" shall be submitted';\n(ii) for the word \"may\" where it appears for the first time in sub-section (1) of the words \"shall\" shall be substituted ;\n(iii) for the word \"may\" after the word \"namely\" in sub-section (1) the word \"shall\" be substituted ;\n(iv) to sub-section (2) the following clause shall be added namely:-\n(e) The Court shall deem interest to be excessive if it exceeds seven and-a-half per centum per annum simple interest or is more than two per centum over the bank rate, whichever is higher at the time of taking the loan, in the case of secured loans, or twelve and-a-half per centum per annum simple interest in the case of unsecured loans :",
        "footnote": "",
        "is_definition": false,
        "sort_order": 4
    },
    "prev_section": "74",
    "next_section": "6"
}