Why did Zamindars fail to pay revenue in Permanent Settlement?
Important Questions on Colonialism and the Countryside
In a petition to the Deccan Riots Commission a ryot explained how the
system of loans worked:
A sowkar lends his debtor Rs 100 on bond at Rs 3-2 annas per cent per mensem. The latter agrees to pay the amount within eight days from the passing of the bond. Three years after the stipulated time for repaying the amount, the sowkar takes from his debtor another bond for the principal and interest together at the same rate of interest, and allows him 125 days’ time to liquidate the debt. After the lapse of 3 years and 15 days a third bond is passed by the debtor … (this process is repeated) at the end of 12 years … his interest on Rs 1000 amounts to Rs 2028 -10 annas -3 paise.
Calculate the rate of interest that the ryot was paying over the years.
