Rate of interest payable by agriculturists on new loans

In any proceeding for recovery of a debt, the court shall scale down all interest whether paid or payable on any debt incurred by an agriculturist on or after the 1st March 1972, so as not to exceed a sum calculated at nine per cent per annum, simple interest: Provided that the State Government may, by notification in the Official Gazette, alter and fix any other rate of interest from time to time. Explanation .--For the purpose of this section, the definition of 'agriculturist' in section 3 (ii) shall be read as if-- (i) in proviso (A) to that section as amended by the Tamil Nadu Agriculturists Relief (Amendment) Act, 1972, for the expression 'the financial years ending on the 31st March 1972' the expression 'the financial years ending on the 31st March immediately preceding the date on which the debt is incurred' were substituted ; and (ii) in provisos (B) and (C) to that section as amended by the Tamil Nadu Agriculturists Relief (Amendment) Act, 1972, for the expression 'the four half years immediately preceding the 1st March 1972', the expression 'the four half years ending on the 31st March or the 30th September (whichever is later) immediately preceding the date on which the debt is incurred' were substituted.