India as Known to Panini: A Study of the Cultural Material in the Ashtadhyayi c9.s6.t1: The Table of Kārshāpaṇa

India as Known to Pāṇini: A Study of the Cultural Material in the Ashṭādhyāyī c9.s6.t1

Language: English

The Table of Kārshāpaṇa

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In order to understand more clearly the lower denominations of the *kārshāpaṇa* which Pāṇini has mentioned, a comparative table of *kārshāpaṇa* and its sub-multiples is given below. Our best source is a passage in the *Arthaśāstra*¹ (*Arth.* II.12, p. 84), and another in the *Gaṅgamāla Jātaka*², which together with the evidence from the grammatical literature furnish the following names:

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¹ पणमर्धपणं पादमष्टभागमिति । पादाजीवं ताम्ररूपं माषक मर्धमाषकं काकिणी-मर्धकाकिणीमिति । (अर्थ शास्त्र २।१२)

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² तेन हि पन्नास-सहस्सानि चत्तालीस-तिंस-वीसति-दस-पंच-चत्तारि-तयो द्वे एको कहापणो, अड्ढो पादो चत्तारो मासका, तयो द्वे एको मासको तिपुच्छि । सब्बं पटिक्खिपित्वा अङ्ढमासको ति वुत्ते आम देव एत्तकं महं धनं (गंगमाल जातक ३।४४८)।

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(2) HALF-KĀRSHĀPAṆA (*Ardha* and *Bhāga*)—Pāṇini refers to *ardha* (V.1.48) as the name of a current coin. *Kāśikā* explains it as a half *kārshāpaṇa*. A small transaction involving a profit, income, tax, *etc.* of an *ardha* was called *ardhika*. The *Mahāsupina Jātaka* mentions *aḍḍha* and *pāda* as current coin names coming after *kārshāpaṇa* (*Kahāpaṇ-aḍḍha-pāda-māsa-rūpādīni*, *Jāt.* 1. 340). Kauṭilya refers to *ardhapaṇa* and Kātyāyana to *ardha* as a coin by itself (*Ṭiṭhan ardhāch-cha*, *Vārttika* on V. 1. 25); that which was purchased for an *ardha* was called *ardhika* or *ardhikī*.

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Another important name of the *ardha* coin given in the *Ashṭādhyāyī* is *bhāga*, to indicate the main sub-multiple of a *kārshāpaṇa* (*Bhāgād yach cha*, V. 1. 49; *Kāśikā*, *Bhaga-śabdo’pi rūpak-ārdhasya vāchakaḥ*).

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(3) QUARTER-KĀRSHĀPAṆA—Pāṇini refers to *pāda* in *sūtra* V. 1. 34. Patañjali calls it *pādika* paid as daily wages to a labourer (*karmakarāḥ kurvanti pādikam-ahar-lapsyāmaha iti*, *Bhāshya*, I.3.72; I.293). The terms *dvipadīkā* and *tripadikā* signifying two and three *pādas* respectively are obviously implied in *sūtra* V. 4. 1 (see *Bhāshya*, III. 362 for these names;

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also *Kāśikā* on VI. 2. 65; VI. 3. 10; VI. 4. 130). They do not appear to be independent coins, but simply the *pāda* coin preceded by *dvi* and *tri*.

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(4) ONE-EIGHTH *KĀRSHĀPAṆA*—Kauṭilya refers to it as *ashṭabhāga*, an actual coin related to the *paṇa* (*Arth.* II. 12, p. 84). Manu calls it *pādārdha* (VIII. 404). The *Ashṭādhyāyī* implies *dvi-māsha* in *sūtra* V. 1. 34; the *Arthaśāstra* makes it a unit of weight in the *Suvarṇa* series (p. 103). The *Jātakas* are silent about one-eighth *kahāpaṇa*.

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Cunningham thought that the tale of silver coins was limited to three divisions, the *kārshāpaṇa*, with its half and its quarter (*Coins of Ancient India*, p. 46). To this we can now definitely add the name of one-sixteenth *kārshāpaṇa*. *Dvi-māsha* may also mean two pieces of *māsha* coins or one double piece; for purposes of grammatical rules the form of the word would be the same.

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(5) *MĀSHA*—*Sūtra* V. 1. 34 mentions *māsha* after *paṇa* and *pāda*. *Māsha* was both a silver and a copper coin. For purposes of grammatical formations the word-form would remain the same. A silver *māsha* was one-sixteenth part of a *kārshāpaṇa* and weighed 2 *rattis* (3.6 grs.), as stated by Manu (VIII. 135, *Dve krishṇale samadhṛito vijñeyo raupya-māshakaḥ*). Actual specimens of silver *māsha* coins (*raupya-māsha*) have now been found in a hoard at Bhir mound, Takshaśīlā, and at Ṭhaṭhārī in C.P. They are minute coins with a single symbol stamped on one side, weighing 2 to 3 grains and with a diameter of .2 inches (*J.N.S.I.*, VIII. 41; XIII, 168).

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COPPER CURRENCY—The copper *māsha* was a sub-multiple of the copper *kārshāpaṇa* and weighed 5 *rattis*, i.e. one-sixteenth of a *tāmrika-paṇa* of 80 *rattis*. The *kārshāpaṇa* was the standard unit of both silver and copper currencies similar to the *suvarṇa* of the gold currency. Its lower divisions in the copper series were *ardha-māshaka*, *kākaṇī* and *ardha-kākaṇī* according to Kauṭilya. Pāṇini refers to *adhyardha-māsha* in *sūtra* V. 1. 34, *i.e.* one and a half *māsha*, which shows his acquaintance with an actual coin called *ardha-māsha*. This *ardha-māsha* was a copper coin.¹ The *aḍḍha-māsaka* coin is referred to in the *Jātakas* (*Aḍḍhamāsaka Jāt.*).

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¹ I once thought that an *aḍḍhamāsa* of silver (of 1 *ratti*=1.8 grs. theoretical weight) would be too minute to be handled and did not exist. Recently a number of minute coins were brought to me, obtained by the gold-washers in the Indus near Jahangira. The lot contains several specimens of silver *ardha-māshakas*, weighing 1.518, 1.132, 1.577, 1.22 grs. etc., and .160" dia. in size. One silver specimen weighs .4783 grains and is .102" in size. Nevertheless it is a regular specimen with a symbol consisting of seven globules on one side. It is an *ardhakākaṇī* coin in silver. I am inclined to believe that a *kākaṇī* and an *ardha-kākaṇī* coin in silver also existed. This would be true of the post-Pāṇinian, or the Mauryan epoch. For these and other specimens from Ujjain, see *J.N.S.I.*, XIII, 164-174.

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Pāṇini does not mention the *kākaṇī* and *ardha-kākaṇī*, but Kātyāyana knows them as current coins (*vārttika* on V. 1. 33).² Both *kākaṇī* and *ardha-kākaṇī* are mentioned in the *Arthaśāstra* (II. 12) as copper pieces, *kākaṇika* being the charge per day for stamping weights and measures (II. 19). The *Jātakas* know of the *kākaṇī* coin, *e.g.* the *Chullaseṭṭhi Jātaka* states one *kākaṇī* as the price of a dead mouse (I. 120), and the *Sālittaka Jātaka* refers to village boys giving a *kākaṇī* coin to a cripple saying 'Make an elephant,' 'Make a horse' (*Jāt.*, I. 419). It is possible that the *kākaṇī* came into use after Pāṇini's time, otherwise such a singular grammatical formation would not have escaped his notice.

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² *Vārtt. Kākaṇyāś-chopasaṁkhyānam.* *Bhāshya—Adhyardha-kākaṇikam, dvi-kākaṇikam.* *Vārt.—Kevalāyāś cha.* *Bhāshya—Kevalāyāś-ch-eti vaktavyam, kākaṇikam.* *i.e.* an article purchased for one *kākaṇī* coin, or 1½ *kākaṇī* or 2 *kākaṇīs*.

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VIMŚATIKA—(a silver punch-marked coin of 20 *māshas*). Pāṇini knows of a heavier *kārshāpaṇa* called *viṁśatika* equivalent to 20 *māshas* as against the standard *kārshāpaṇa* of 16 *māshas*. *Viṁśatika* is mentioned in the following *sūtras*:

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*Śatamāna-viṁśatika-sahasra-vasanād-aṇ* (V. 1. 27);

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*Viṁśatikāt khaḥ* (V. 1. 32). The first rule states that the affix *aṇ* is added to *viṁśatika* and others in the sense of 'purchased for so much' (and other meanings taught upto V. 1. 63). For example, *vaimśatika*, 'that which is purchased for a *viṁśatika* coin'.

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The second *sūtra* enjoins *kha* affix in the same sense after the word *viṁśatika* when preceded by the word *adhyardha* or a numeral in a *Dvigu* compound, e.g. *adhyardha-viṁśatikīnam*, *dvi-viṁśatikīnam* and *tri-viṁśatikīnam*, purchased for 1½, 2 and 3 *viṁśatika* coins.

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Again in *sūtra* V. 1. 24 (*Viṁśati-triṁśadbhyāṁ ḍvunn-asaṁjñāyām*) Pāṇini mentions *viṁśatika* and *triṁśatka* as counter-examples which in this context were names (*saṁjñā*) of coins. Thus Pāṇini knows of these two special coins in a very intimate manner. The *viṁśatika* as its name implies was a coin of twenty, and the *triṁśatka* of thirty parts, *i.e.* *māshas*.

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As to the real nature and identity of the *viṁśatika* coin, the following evidence throws light on a coinage system based on twenty divisions:

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(1) The commentary *Samanta-pāsādikā* of Buddhaghosha on the *Vinaya-Piṭaka* tells us that in the time of king Bimbisāra in the city of Rājagṛiha a *kahāpaṇa* was equal to twenty *māsakas*, wherefore one *pāda* equalled five *māsakas*.¹ This statement is confirmed by *Sāratthadīpanī* of Sāriputta Thera, a commentary on the *Samanta-pāsādikā*.²

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¹ *Tadā Rājagahe vīsatimāsako kahāpaṇo hoti, tasmā pañchamāsako pādo.* See, Some New Numismatic Terms in Pali Texts, by Mr. C. D. Chatterji M.A., *J.U.P.H.S.*, VI, May 1933, p. 157. Also Dr. Bhandarkar, *A.I.N.*, pp. 111, 186; Dr. D. C. Sirkar, *J.N.S.I.*, XIII. p. 187.

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² *Iminā va sabba-janapadesu kahāpaṇassa vīsatimo bhāgo māsako ti.* (Mr. Chatterji, *op. cit.*, p. 158).

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(2) The *Gaṅgamāla Jātaka* (*Jāt.* III. p. 448), while mentioning the sub-divisions of a *kārshāpaṇa*, speaks of a four-*māshaka* piece as being lower in value than a *pāda*, which is possible only if the *pāda* coin be equal to five *māshakas*, being one quarter of a *kārshāpaṇa* of twenty *māshakas*. (Dr. Bhandarkar, *A.I.N.*, p. 112).

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(3) The *Yājñavalkya-Smṛiti* mentions a *pala* weight equal to four or five *suvarṇas* (I.364) on the basis of which the *Mitāksharā* notes: *Pañcha-suvarṇa-pala-pakshe viṁśati-māshaḥ paṇo bhavati* (*Yāj. Smṛiti*, I.365), *i.e.* in the case of a *pala* equalling five *suvarṇas*, the *paṇa* has a weight of twenty *māshas*.

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(4) The *Kātyāyana-Smṛiti* also preserves a tradition that a *kārshāpaṇa* equalled twenty, and not sixteen *māshas*. (Bhandarkar, *A.I.N.* p. 186).

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(5) Patañjali cites another teacher (*apara*) stating that 'in times past sixteen *māshas* made one *kārshāpaṇa*', implying that in his time the *kārshāpaṇa* of 20 *māshas* or *viṁśatika* was known in his locality. It seems that both *viṁśatika* and *kārshāpaṇa* were in circulation in different localities in the same period. It is interesting to note that actual specimens of *viṁśatika* weight coins and their lower denominations have been found in the Pañchāla coinage (Cunningham, *Coins of Ancient India*, p. 81).

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The passages from the above sources of different periods show that the *viṁśatika* was a current coin in certain localities, *e.g.* Magadha and Pañchāla, as the *kārshāpaṇa* of 16 *māshas* was in other localities. The Pāli texts definitely describe it as *vīsati-māsaka kahāpaṇa*, whereas Pāṇini calls it simply a *viṁśatika*, as a specific name (*saṁjñā*) in popular usage. He is thus referring to the *viṁśatika* and the *kārshāpaṇa* as two varieties of coins of different values.

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ACTUAL SPECIMENS OF VIMŚATIKA COINS—B. Durga Pd. of Banaras informed me that he obtained heavy *kārshāpaṇas* of silver from Rājgīr. These coins weigh from 78 to 80 grains. They are now in the Lucknow Museum (acquired as part of the late numismatist's collection), and from their fabric and symbols it can be said with certainty that they represent an earlier stage than the 32 *ratti kārshāpaṇas*.

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The period of transition from 20 *māshas* weight to 16 *māshas* seems to be the epoch of the Nanda kings who are credited with the standardisation of weights. It were most probably the Nandas who initiated a bold reform in the punch-marked currency in the matter of weight, symbols and fabric. All these factors become evident even by a superficial comparison of the *viṁśatika* coins with the standard *kārshāpaṇas* of 16 *māshas* and 5-symbol groups.

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*TRIṀŚATKA*—Besides *viṁśatika*, Pāṇini also mentions another specific coin named *triṁśatka* (V. 1. 24), a name which is found only in the *Ashṭādhyāyī* and not elsewhere. The *triṁśatka* apparently stands for a coin of 30 *māshas*, or 60 *rattis*. B. Durga Prasad obtained from Bihar specimens of silver punch-marked coins, weighing 104 grains and 105·7 grains or about 58 *rattis*, which should be identified as *triṁśatka* (cf. *J.U.P.H.S.*, July, 1939, p. 33.).

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The *viṁśatika* and *triṁśatka* coins also appear in copper, weighing respectively 20×5=100 and 30×5=150 *rattis*. As seen in the Pañchāla coinage, the heavier issues in copper continued in use much longer than in silver.

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The *viṁśatika* seems to have had its own sub-multiples of 1|2, 1|4, 1|8, 1|16, all related to the weight standard of 40 *rattis* in silver and 100 *rattis* in copper.

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*RŪPA* (Punch-marked symbols)—A large number of symbols are found stamped on ancient *kārshāpaṇa* coins,¹ on account of which they have been called punch-marked, corresponding to *signati argenti* of the Greek historian Quintius Curtius. 'The mode of manufacturing these coins was first to get ready a hammered sheet, which was then cut into strips, and sub-divided into lengths of approximately the desired weight, which was adjusted by clipping the corners when necessary.’ (Smith, *Cat. of the Coins in the Indian Museum*. p. 134). After this the metallic pieces were subjected to the process of stamping symbols on them by means of a separate punch for each symbol. It is this particular stage in the process of manufacture to which Pāṇini refers in the following *sūtra* :

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¹ The work of correctly identifying these symbols was initiated by Mr. W. Theobald (*JASB*, 1890 & 1901). Recently B. Durga Prasad illustrated about 564 such symbols from a large number of well preserved coins and described them in his Essay entitled 'Classification and Significance of the Symbols on the Silver Punch-marked Coins of Ancient India', *Numismatic Supplement*, No. XLV, 1934, p. 9ff.

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*Rūpād āhata-praśaṁsayor-yap* (V. 2. 120)

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The word *rūpa* takes the affix *yap* in the sense of *āhata*, ‘impressed’, or *praśaṁsā*, praise, *e.g.* *Rūpyo gauḥ*, a bull of praiseworthy form; and *āhataṁ rūpam asya rūpyo dīnāraḥ*, *rūpyo kedāraḥ*, *rūpyaṁ kārshāpaṇam*.

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The first two examples of *dīnāra* (Denarius) and *kedāra* (coins of the Kedāra Kushāṇas, 3rd-4th century A.D.) do not seem to be in order, as these coins were cast in moulds and not punched. The example *rūpyaṁ kārshāpaṇam* was a genuine old example. According to the *Kāśikā* the symbols on such coins were struck with a punch (*nighātikā-tāḍanādinā*). A metal piece as long as it was not stamped (*ayantrita*) had no use as currency.

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The word *rūpa* in Pāṇini’s *sūtra* being in the singular number, points to one symbol stamped with one punch at a time, *i.e.* for each symbol separate punching was required. We know from the standard silver coins of 16 *māshas* that each bears a group of five symbols of great variety, and each figure was stamped with its particular punch. On most of the specimens the two symbols in each group are the sun and a six-armed symbol (*shaḍara*), but no definite order seems to have been observed in punching and there is considerable overlapping of symbols. Some of the names of the *rūpas* or figures on these coins were the same as the names of marks (*lakshaṇas*) used in branding cows, as already pointed out (Ch. IV, Sect. 3).

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Sometimes the term *rūpa* was used for the coin itself, as in the *Mahāsupina Jātaka* (I.340). Kauṭilya mentions an officer called *Rūpadarśaka* (*Arth.* II. 9, p. 69; 245), Examiner of Coins. In his comment on a *vārttika* to Pāṇini’s *sūtra* I. 4. 52, Patañjali also refers to an officer called *Rūpatarka* whose duty was to scrutinise the current *kārshāpaṇa* coins (*paśyati Rūpatarkaḥ kārshāpaṇam*, I.337).

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*WEALTH*—Wealth is referred to by several terms, such as *dhana*, *sva*, *dravya*, *mūla*, but a new classical word unknown in the Brāhmaṇa and Āraṇyaka literature was *svāpateya* (property), corresponding to Pāli *sāpateyya*, of which Pāṇini gives a rather legal definition as *svapatau sādhu* (IV.4.104), that in which the owner (*sva-pati*) has valid title (*sādhu-tā*).

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Pāṇini refers to a wealthy man as *āḍhya* (III. 2. 56), corresponding to Pāli *aḍḍho*. The Jātakas also refer to *ibbhas* (Skt. *ibhya*) who appear to be of the same status as *aḍḍhas*. Wealth was indicated in terms of coined gold or silver, e.g. Pāṇini mentions *naishka-śatika*, one whose wealth amounted to 100 *nishkas* of gold, and *naishka-sahasrika*, to 1000 *nishkas* (V. 2. 119). Pāṇini also refers to persons possessing one hundred (*aika-śatika*) or one thousand (*aika-sahasrika*, V. 2. 118), evidently *kārshāpaṇas* of silver. The Jātakas refer to fabulous treasures of eighteen crores or fifty-four crores, as in the case of *seṭṭhi* Anāthapiṇḍaka.

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*MONEY-LENDING*—Pāṇini mentions a creditor as *uttam-arṇa* (I.4.35); a debtor as *adhamarṇa* (III.3.170); loan as *ṛiṇa* (IV.3.47); interest as *vṛiddhi*; repayment as *pratidāna* (I.4.92); and surety as *pratibhū* (III.2.179; II.3.39).

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The Jātakas refer to lending money at interest (*iṇa-dāna*) as a means of lawful occupation, together with tillage, trade, and harvesting as four honest callings (*Jāt*. IV. 422; *Cambridge History of India*, Vol. I, p. 218). Pāṇini distinguishes interest on a loan as *vṛiddhi* (V. 1. 47) from usury as *kusīda* (IV.4.31), which is condemned (*Prayachchhati garhyam*, IV.4.30). The special term *kusīdika* was meant to mark out the usurer for social opprobrium. The odium attaches even to his family, singled out as *kusīdāyī* (wife of a usurer, IV.1.37).

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Kātyāyana calls usurious interest *vṛidbushi* and the usurer *vārdhushika* (IV.4.30.3).

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*INTEREST*—Pāṇini mentions a definite rate of interest in the expression *daśaikādaśa*, the creditor who gets back 11 (*ekādaśa*) by lending 10 (IV.4.31). This amounts to the rate of about 10 percent considered usurious, and is condemned as such (*garhya*) by Pāṇini. Kauṭilya takes the lawful rate of interest to be 1¼% per month, (*sapāda-paṇā dharmyā māsa-vṛiddhiḥ paṇa-śatasya*, *Arth.* III.11). Manu (VIII.140-43) and Yājñavalkya quote the same rate and call it as one-eightieth (of the principal) per month. Vasishṭha (II.51) states the legal rate to be five *māshas* a month for twenty *kārshāpaṇas*. Taking the latter to be a *viṁśatika kārshāpaṇa* of twenty *māshas*, the rate of interest works out to one-eightieth part, the same as in Manu. Nārada and Gautama agree with the above, and so also Vyāsa, if the loan is against a pledge. Thus 15% was regarded as an equitable rate of interest (*dharmyā vṛiddhi*). Baudhāyana prescribes 20% as interest (*J.B.O.R.S.*, 1920, p. 117). In contrast to this the rate of the *daśaikādaśa* loans working out to a little less than 11% was considered reproachful in Pāṇini's time. Patañjali cites two more examples of usurious loans, in which the lender earned exorbitant amounts as interest and was rightly censured as *dvai-guṇika* and *traiguṇika* (IV.4.30; II.331). These must have referred to short term petty loans.

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Pāṇini also refers to a much lower rate of interest of half a *kārshāpaṇa* per month called *ardha* and *bhāga* (V.1.48-49) which was equivalent to 6% per annum, the loan transaction being called *ardhika* or *bhāgika*. The *Kāśikā* explains it either as ½ percent (*bhāgikaṁ śataṁ*) or 2½ percent (*bhāgikā viṁśatiḥ*) per month, which would make the rate of interest vary from 6% per annum to 30%.

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Loans were also named from the amount of interest earned on them, *e.g.* *pañchaka*, *i.e.* a loan earning 5 as interest. Patañjali also refers to 7, 8, 9, and 10 as the amount of accruing interest (II.351). Such loans would come under the system called *daśaikādaśa* by Pāṇini. For example, a loan of ten rupees which would become rupees fifteen after five months was called a *pañchaka* loan; similarly *saptaka*, *ashṭaka*, *navaka* and *daśaka* respectively. These loans applied to agricultural crops, i.e. loans advanced at sowing and repaid at harvesting.

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Loans were also called after the periods stipulated for their repayment (*Deyam-ṛiṇe*, IV.3.47), *e.g.* *sāṁvatsarika*, loan for a year (IV.3.50); *āvarsamaka* loan for six months (IV.3.49).

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There is mention of loans to be repaid in particular seasons, *e.g.* *graiṣmaka* (IV.3.49), loan to be paid back in summer, by the full-moon of Ashāḍha marking the close of the financial year. These were probably repaid out of the income from the special crops grown in summer, such as melons, water-melons and vegetables. The next season for repayment was that of the rains (*varshā*), nicknamed as the 'season when peacocks cry' (*kalāpī*); a loan stipulated to be repaid at that time being called *kalāpaka* (IV.3.48). In the section on Agriculture we have referred to the rotation of crops known to Pāṇini and Kauṭilya. By looking at it we find that there is a close connection between the *kalāpaka* loans and the crops harvested in the rainy season and therefore called *vārshika*. Pāṇini refers to *aśvatthaka* (IV.3.46) as another euphemism for loans repayable during the rains. Aśvattha was an old Vedic synonym of the asterism Śroṇā found in the *Kāṭhaka Saṁhitā*, a text known to Pāṇini (VII.4.38), and from this was derived *aśvatthaka* to denote a loan repayable in the month of Aśvattha or Śrāvaṇā constellation (IV.3.48). The *Kāśikā* explains *aśvattha* as the season when the trees called *Ficus religiosa* bear fruit (*yasmin-aśvatthāḥ phalanti*).

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The next season for settling loan accounts from agricultural produce was Agrahāyaṇa, when the crops of the *Hemanta* season are harvested. These crops (called *haimana* in Kauṭilya) were sown during the rainy season; they are still one of the two principal crops of the year known as *kharīf*, producing rice, pulses, seasamum, maize and millet. Pāṇini mentions such loans as *āgrahāyaṇika* (also *agrahāyaṇaka*, IV.3.50), which were to be repaid on Āgrahāyaṇī, the Full-moon day of the month Agrahāyaṇa. It incidently shows that the month was reckoned to close on the full-moon day, for it would be natural to fix the period of repayment in terms of full and not half-months. We may thus understand how a *daśaikādaśa* debt contracted in the month of Śrāvaṇa, to meet the expenses of sowing the rainy crop, with stipulation to be repaid on the Agrahāyaṇī day would be called *pañchaka*, on account of the interest-bearing period being five months.

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The other important crop was *vāsantika* harvested in the spring season. This crop is now called *rabī*, with barley, wheat, and oil-seeds as its main produce. On account of its association with barley and its straw, the season itself was nicknamed *yava-busa*, and Pāṇini refers to loans due for repayment at this time of the year as *yava-busaka* (IV.3.48).

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It appears that the ten-rupee loan referred to by Pāṇini in the phrase *daśaikādaśa*, became later the norm. By the time of Kātyāyana we find that *daśārṇa*, a loan of ten rupees, had become a regular linguistic expression (VI.1.89.8; III.69). The ten-rupee loan still continues to be the basis of petty agrarian loans under the name of *das-ke-bārah* (ten-for-twelve system). Kātyāyana also mentions special loans like *vatsatarārṇa* ‘contracted for purchasing a young bull’; *kambalārṇa*, ‘loan for buying a blanket of standard size’, which according to Pāṇini was manufactured out of a *kambalya* measure (five seers) of wool; and *vasanārṇa*, loan for buying cloth. We should understand *vasana* as a cloth of standard measurement, weight and price so that it could be used as a unit of exchange in such transactions as envisaged in *sūtra* V.1.27 (purchased for one *vasana*). *Vasana* was most likely the standard *śāṭaka* cloth mentioned by Patañjali as costing, one *kārshāpaṇa* each (V.1.21; II.346).

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*CORPOREAL INTEREST*—According to Gautama there were six special forms of interest, *viz.* compound interest, periodical interest, stipulated interest, corporeal interest, daily interest, and use of a pledged article (*Gautama Smṛiti*, XI.34-35). Of these Pāṇini knows of periodical interest as in *daśaikādaśa*; stipulated interest as in *pañchaka*, *saptaka*; compound interest as in *pravṛiddha* (VI.2.38); and use of pledged article as in IV.4.89. A reference to corporeal interest may be traced in *sūtra* II.3.34 (*Akartary-ṛiṇe pañ-chamī*) intended to regularise the formation of such linguistic expressions as *śatād baddhaḥ*, *i.e.* 'bound for a debt of one hundred'. We know it from Kauṭilya that free persons pledged or mortgaged themselves to repay debts contracted by them; this custom was also known in Pāṇini's time.

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*USE OF A PLEDGE*—Pāṇini knows of this form of interest in *sūtra* IV.4.89, which refers to *dhenushyā*, as a cow whose milk was pledged to the creditor for satisfaction of the loan advanced by him (*yā dhenur-uttamarṇāya ṛiṇapradānād doha nārthaṁ dīyate sā dhenushyā*, *Kāśikā*).

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*MAHĀ-PRAVṚIDDHA*—(VI.2.38). Pāṇini has cited the formation *mahā-pravṛiddha* for its particular accent. But the word denotes the limit of interest (*vṛiddhi*) allowed on a loan. Manu says that the maximum accumulated interest should not exceed the principal sum (VIII.150). Kauṭilya directs that if the interest is allowed to pile up owing either to the absence abroad of the creditor or debtor, or deliberate intention, the amount payable shall be equal to twice of the principal sum (*mūlya-dviguṇa*, *Artha.* III. 11, p. 174). This is also endorsed by Śukra stating that the debtor shall not be required to pay more than twice the principal sum in discharge of his debt and interest (IV.5.631-2). Thus the maximum limit of accumulated interest was a sum equal to the principal; and when the original amount of loan, say a hundred *kārshāpaṇas*, had by the adding to it of compound interest (*pra-vṛiddha*) increased to two hundred *kārshāpaṇas*, the loan was considered to have reached its maximum increment (*mahā-pravṛiddha*). *APAMITYAKA* (IV.4.21).—Pāṇini mentions *apamityaka* as something borrowed with a view to be returned in kind (*vyatihāra*, III.4.19). The term is explained by Kauṭilya as applicable to grain borrowed with a promise to return an equal quantity (*Arth.* II.15, p. 94). The use of this word in connection with the borrowing of grain was as old as the Atharvaveda: ‘Whatever grain I have borrowed for eating, may I return to redeem my debt’ (*Apamitya dhānyam yaj-jaghās-āham idam tadagne anṛiṇo bhavāmi*, VI.117.8). The *apamityaka* arrangement was a well-recognised practice of rural economy, with a very ancient origin. Kauṭilya refers in the same context to *prāmityaka*, *i.e.* grain borrowed, but without obligation to return (*sasya-yāchanam anyataḥ prāmityakam*, *Arth.* II.15). Pāṇini mentions this as *yāchitaka* (*Apamitya-yāchitābhyāṁ kak-kanau*, IV.4.21).

Linked texts (14)

Aṣṭādhyāyī — Pāṇini, Sanskrit
Kauṭilīya Arthaśāstra — Kauṭilya, Sanskrit
Chaṭṭha Saṅgāyana edition — Pāli
Jātaka — Pāli
Mānava Dharmaśāstra — Manu & Bhṛgu, Sanskrit
Yājñavalkyasmṛti — Yājñavalkya, Sanskrit
Vasiṣṭhadharmasūtra — Vasiṣṭha, Sanskrit
Gautamadharmasūtra — Gautama (dharmasūtrakāra), Sanskrit
Kātyāyanasmṛti — Kātyāyana (smṛtikāra), Sanskrit
Kāṭhakasaṃhitā — Sanskrit
Vinayapiṭaka — Pāli
Atharvavedasaṃhitā — Atharvan & Aṅgiras, Sanskrit
Samantapāsādikā — Sanskrit
Śukranīti (Śukrācārya) — Śukrācārya, Sanskrit