1[Notwithstanding anything contained in the Usurious Loans Act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any State, a transaction between a banking company and its debtor shall not be re-opened by any Court on the ground that the rate of interest charged by the banking company in respect of such transaction is excessive.]
Footnotes in the official text
- 1.Ins. by Act 1 of 1984, s. 24 (w.e.f. 15-2-1984).