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

S. V. 1. 4 5 ] DEBTS 199
M. p. 103 ll. 18-31 ]
When ¹a person takes a loan for use (yācitaka) and goes to an-
other country without returning it, that loan begins to carry interest
after a year (from the date of loan). He who after borrowing money
goes to another country without returning it even though he be re-
quested (to repay), that loan carries interest after three months
(from demand) When a person does not return (a loan) at any
time even though he be in the country and even when he is requested
to return it, (the king) should make him pay interest from that day
(i. e day of demand) though none was stipulated and though he is unwill-
ing to pay
Nārada (p. 68 v. 108) says:
There shall be no interest in any case where things are lent through
friendship, in the absence of a stipulation (to that effect) but even
when there is no stipulation such a loan carries interest after half
a year.
Kātyāyana says
What² has been lent through friendship carries no interest as long
as it is not demanded back; but if it be not returned even though it
is demanded back, it bears interest at (the rate of) five percent (per
month). If* a man, after buying a marketable commodity, goes to
another country without paying the price, that money (price) will
earn interest after three ṛtus (i e after six months).³ A deposit, the
balance of interest, purchase and sale--these bear interest at five percent
(per month) if they are not returned (or paid) when demand is made ⁴
Nārada (p. 33 v. 36) says ·
The price of a commodity (sold), wages, deposit, a fine that is or-
dained (inflicted), a promised gift without consideration, a stake won
in gambling by means of dice-these do not carry interest without an
express agreement.⁵

1. Vide notes to Kātyāyana vv 502-504. The first verse of Kāt. applies when the
   lender makes no request for return, the second where he makes a request The three
   verses are quoted in Saundanappa v. Shibasawa 31 Bom 354 at pp 361--362
2. This verse is referred to in 31 Bom 354 at p. 361 and it is said (at p. 364) that
   it was an incident annexed to every contract of debt by the Hindu law that interest
   though not stipulated for should run on it in the event of non-payment after demand
   from the date of such demand
3. This applies where there is no demand for the money.
4. 'Purchase and sale'--If a chattel is purchased and the purchase money is not
   paid even though demanded, this verse would apply and interest would run from the
   date of demand.
5. 'A promised gift'--a gift to dancers or bards is called vṛthā dāna. This verse
   is apparently in conflict with Kātyāyana's verse 'a deposit' &c. so far as deposit and
   the price of goods are concerned. But Nārada's verse applies where there is no demand
   and Kātyāyana's verse applies where there is a demand.

• P. 169 (text)