Substitution of new section for section 18

Substitution of new section for section 18.—For section 18 of the Goa, Daman and Diu Money Lenders Act, 1974 (Act 13 of 1974) (hereinafter referred to as the "principal Act"), the following section shall be substituted, namely:— "18. Power of Court to limit interest recoverable in certain cases.—Notwithstanding anything contained in any agreement or any law for the time being in force, no Court shall, in respect of any loan whether advanced before or after the date on which the Goa, Daman and Diu Money Lenders (First Amendment) Act, 1988 comes into force, decree, on account of interest, a sum greater than the principal of the loan due on the date of the decree: Provided that the total amount of interest to be decreed shall not exceed the principal amount: Provided further that the provisions of this section shall not apply to the loans advanced by any bank as defined in section 2 of the Act."