Summary: The text "Vol XXXII (Calcutta, 1939), 1-49" explores the concept of debt in ancient India, focusing on the legal definition and meaning of debt in Hindu law. The text delves into the intricacies of interest rates and types, liability to discharge debt, and the use of security like pledges. Various sastrakaras like Brhaspati and Katyayana are referenced to illustrate the diverse perspectives on the maximum interest rates that could be charged on different commodities. The text also refers to epigraphic records to show the practical application of these sastric rates in society. Additional contributions by scholars like Sarvadhikari and Jha further enrich the discussion on debt and related obligations in Hindu law. Overall, the text provides a detailed insight into the ancient Indian legal system's approach to debt, offering a comprehensive analysis of the various aspects surrounding this fundamental aspect of contractual obligations.