Prohibition regarding rate and amount of interest.-

Notwithstanding anything contained in any law for the time being in force or in any agreement, no small farmer shall be liable to pay after the commencement of this Act-

1. (a) any sum in respect of principal and interest which together exceeds the principal;
2. (b) on account of interest outstanding on the date, upto which such liability is computed a sum greater than the principal outstanding on such date; and
3. (c) any interest other than simple interest at a rate of six per cent per annum or the rate stipulated between the parties, whichever is less: