Theory of Government in Ancient India (Post-Vedic) c8.78

c8.78

Licences. Three days of grace were allowed to merchants for the repayment of their debts. Rates of interest on loan and mortgage were fixed at 15 and 12½ per cent. per annum. A licence was essential "to collect grains and other merchandise" for wholesale business. The goods of unlicensed mercantile houses were to be promptly confiscated. On a variety of consideration—such as the outlay of capital, the interest thereon, the quantity manufactured, the amount of toll, the expenses of hire, and so forth—the Superintendent of Commerce should strike the balance and fix the prices. In wholesale transactions, a five per cent profit was allowed on home commodities, and ten per cent on foreign ones. Any attempt to get round the rule and obtain an extra half per cent brought a fine ranging from five to two hundred paṇas. The greater the fraud, the heavier was the fine. But if the merchants failed to dispose