व्यवहारमयूख (नीलकण्ठ भट्ट - पश्चिमी भारत की हिन्दू न्याय-संहिता एवं व्यवहार कोष)

198 VYAVAHĀRAMAYŪKHA [ S. V 1. 2-4
[ M. p. 107 l. 30-p. 108 l. 12
Kātyāyana says
That rate of interest which the debtor promised in addition (to the
rate allowed by śāstra) and which was promised in a time of diffi-
culty (or distress) must always be given, it is termed kāritā that
is known as śikhā-vṛddhi (interest growing like the top-knot of hair
on the head) when (the debtor) pays (interest) every time. ¹
Pratikālam (in Kāt) means from day to day from month to
month and from year to year Yājñavalkya (II 37) says
An eightieth part (of the principal) is the interest every month
when (a loan is advanced) on a pledge otherwise (when money is
lent without a pledge) interest may be two three four or five percent
(every month) in the order of the (four) classes (brāhmaṇa kṣatriya &c) ²
'Anyathā (in Yāj.) means when there is no pledge Vyāsa says
Monthly interest is declared to be an eightieth part (of the principal)
when there is a pledge, sixtieth part when there is a surety (but no
pledge) and two per cent when there is no pledge nor surety
Yājñavalkya (II 38) says
(Borrowers) who travel through forest (for trade &c) should pay
ten per cent and those who travel by sea twenty per cent (per month)
Dadyuḥ is to be understood as connected (with this verse) from
the following clause (in Yāj)
All of whatever class should pay the interest stipulated by themselves
Viṣṇu (Dh. S VI 40) says "
He who having taken a loan of whatever kind with the promise 'I
shall return an equal amount tomorrow does not afterwards return
it through greed, would have to pay interest from that day ³
Kātyāyana declares when interest can be charged on a loan (of an
article for use)-

1. Interest is either kṛta (agreed upon between the parties) or akṛta (not so
   agreed) According to Gautama XII 31-32 and Bṛ p. 32-vv 5-11 kṛta is of six kinds
   kāyikā, kālikā, cakravṛddhi kāritā, śikhāvṛddhi and bhogalābha (Gautama calls his sixth
   variety ādhibhoga). Manu VIII. 153 and Nār (p. 66 vv 102-104) mention the first four
   out of the above six. Vide notes to V M pp. 313-314 for the explanation of all the six.
2. As the eightieth part was to be given every month, the interest comes to 15
   per cent per annum. When there was no pledge, a brāhmaṇa debtor had to give 24 per
   cent per annum, a kṣatriya 36 per cent per annum and so on. Manu VIII 140
   ascribes the rule about eightieth part to Vasiṣṭha. Vide Manu VIII 142 which pre-
   scribes two, three four and five per cent just as Yāj. does.
3. These and the following verses contain cases where no interest is originally sti
   pulated, but where the law allowed interest to be charged in certain circumstances.
   P 108 (text)