Society shall not recover or receive interest more than principal.

Notwithstanding anything contained in any agreement or law for the time being in force, any society shall not charge, recover or receive any amount as interest on account of interest over the principal in respect of any loan given by it to a member belonging to a scheduled caste or a scheduled tribe or an other member owning 5 acres of irrigated or 10 acres of unirrigated land, whether given before or after the commencement of the Chhattisgarh Sahakari Society (Second Amendment) Act, 1979, and which is repayable within a period not exceeding ten years from the date of its being given, during the period such loan subsists, and any amount charged, recovered or received in excess of the principal shall be adjusted towards the repayment of the principal until it is fully repaid if the loan is outstanding and in any other case, such amount shall be returned to the indebted member within sixty days from the date on which the payment made on account of interest exceeds the limit aforesaid: Provided that nothing in this section shall apply to loans given by a development bank or an urban co-operative bank.