Displaced Persons (Debts Adjustment) Act : Past transactions not to be affected. Indian Bare Acts :

Displaced Persons (Debts Adjustment) Act,1951

Act No : 70

Section : Past transactions not to be affected.

49. Past transactions not to be affected. (1) If before the commencement of this Act a displaced debtor has satisfied or discharged any of his liabilities in any manner whatsoever, such transactions shall not be affected by anything contained in this Act. (2) Where the Tribunal has determined the amount due in respect of any debt in accordance with the provisions of this Act, any payments (including payments by way of interest) made by the displaced debtor towards the debt prior to such determination shall be adjusted towards the amount so determined: Provided that no creditor shall be called upon to refund any amount paid to him if it is found that it is in excess of the amount determined as being due to him under this Act.