Scaling down of interest on arrears of rent

In any suit or proceeding before a civil or revenue court involving a claim for arrears of rent payable by an agriculturist, including a claim to set off such arrears, whatever be the period to which the arrears relate, the Court shall scale down all interest, if any, due on such arrears so as not to exceed a sum calculated at 5 1/2 per cent per annum simple interest, notwithstanding anything to the contrary contained in any contract or custom: 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, for the expression 'financial years ending 31st March 1938', the expression 'financial years ending on the 31st March immediately preceding the date of institution of the suit or proceeding' were substituted; and (ii) in provisos (B) and (C) to that section, for the words and figures 'immediately preceding the 1st October 1937', the words and figures 'ending on the 31st March or the 30th September (whichever is later) immediately preceding the date of institution of the suit or proceeding' were substituted.