The Interest Act, 1978

The Interest Act, 1978 is an important law that governs the calculation and payment of interest in India. The Act outlines the legal framework for charging interest in various financial transactions, including loans, debt, and mortgages. It lays down the guidelines for calculating interest rates, determining the date from which interest is payable, and the method of compounding interest. The Act also provides for the payment of interest in cases of delayed payment, as well as the award of interest in cases of litigation. It is an essential law for any individual or organization involved in financial transactions in India.