GRANT OF LOANS AND ADVANCES TO AGRICULTURISTS. 123 



(ii) The Local Government may, for special reasons, and on special 

 application through the Board of Revenue, sanction a loan at a lower 

 rate of interest or without interest. 



(iii) If any instalment of principal or of interest, or of consoli- 

 dated principal and interest, is not paid when it falls due, the Collector 

 shall charge interest on it at 6J per cent, per annum from the date of 

 its falling due to the date of payment : 



Provided that, whenever the Collector is satisfied that the default 

 is due to inability to pay, and that the levy of such interest would be 

 productive of hardship, he may, with the sanction of the Commissioner, 

 reduce or remit it. 



(iv) In charging penal interest on overdue instalment not sus- 

 pended under rule 20, the same period of 15 days' grace shall be 

 allowed as in the case of payments of cesses, and thereafter interest 

 shall be charged on the total of the overdue instalment at the same 

 rate as the interest on the loan. 



15. (i) Interest shall be levied for the period intervening between 

 Interest for interven- the date ^ ^ ne completion of the loan (in cases 



mg period. j n w hich loans are granted in one payment), or 



between the dates of the payment of the instalments (in cases in which 

 loans are granted in instalments), and the date from which the first 

 instalment of interest, consolidated with the first instalment of the 

 principal, becomes payable. 



(ii) The interest leviable in such cases shall be demanded in a 

 lump sum on the date on which the first consolidated instalment of 

 principal and interest is made payable. 



16. (i) The repayment of the loan shall be made in accordance 



with the Table of Equated Repayments of Takavi 

 Loans, prepared by the Accountant-General, Ben- 

 gal, similar to the annexed Form F, which shows the amounts of 

 equal yearly payments necessary to repay a loan advanced with interest 

 at 6J per cent, per annum for any number of years from one to 

 twenty. 



(ii) When the instalments are payable half-yearly, the sums to 

 b paid each half year shall be half the sum shown in the said Table 

 for a yearly instalment. 



