Interest Act,1978

Act No : 14

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Section : Interest payable under certain enactments.

4. Interest payable under certain enactments. (1) Notwithstanding anything contained in section 3, interest shall be payable in all cases in which it is payable by virtue of any enactment or other rule of law or usage having the force of law. (2) Notwithstanding as aforesaid, and without prejudice to the generality of the provisions of sub-section (1), the court shall, in each of the following cases, allow interest from the date specified below to the date of institution of the proceedings at such rate as the court may consider reasonable, unless the court is satisfied that there are special reasons why interest should not be allowed, namely:- (a) where money or other property has been deposited as security for the performance of an obligation imposed by law or contract, from the date of the deposit ; (b) where the obligation to pay money or restore any property arises by virtue of a fiduciary relationship, from the date of the cause of action ; (c) where money or other property is obtained or retained by fraud, from the date of the cause of action ; (d) where the claim is for dower or maintenance, from the date of the cause of action.

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