Interest of Money in India
In the Institutes of Menu, which were drawn up about B.C. 900, the lowest legal interest for money is fixed at 15 per cent., the highest at 60 per cent. Nor is this to be considered a mere ancient law now fallen into disuse. So far from that, the Institutes of Menu are still the basis of Indian jurisprudence; and we know, on very good authority, that in 1810, the interest paid for the use of money varied from 36 to 60 per cent.; Ward places it at 75 per cent., and this without the lender incurring any extraordinary risk.