Manner of calculating interest

Notwithstanding anything contained in any agreement between the parties or any law for the time being in force, when a statement is delivered and pass book is supplied to a debtor under section 21 or accounts are taken under section 31 or a tender is made by a debtor to a Money-Lender in respect of a loan under section 32 before the sixteenth day of a month, the interest due shall be calculated as payable for fifteen days of the said month, and if the statement is delivered or pass book is supplied or accounts are taken or tender is made on any subsequent day, the interest shall be calculated for the entire month, irrespective of the fact as to which day such statement is delivered and pass book is supplied or such accounts are taken or such tender is made on any such day. Explanation.- For the purpose of this section, "month", in relation to any loan, means a month of the year for which the accounts of the Money-Lender relating to such loan are ordinarily maintained in the books of account of the Money-Lender.