The Law on this point has been clarified by the Section 31(7). The Law says that unless otherwise agreed by the parties where in and so far an award where an award is foe payment of money the Arbitrator may include in the sun for which the award is made interests, at such rate as it deems reasonable, for the whole or any part of the money, for the whole or any part of the period between the date on which the cause of action arose and the day on which the award is made.
Section 31(7)(a) gives the Arbitrator the full power to award interest right from the date of accrual of the cause of action until the date of the award at such reasonable rate as the Arbitrator thinks fit and proper.
The other salutary provision in sub-section B is that the some directed to be paid by an award shall, unless the award otherwise directs, carry interests at the rate of a eighteen per centum per annum from the date of the award to the date of payment. This provision applies whether there is any provision in the award or not for future interest from the date of the award to the date of payment.