Money-Lenders, Interest, Compound Interest, Licence

[Firat published, after having received the aeaent of the Governor in the
Gyarat t%v.marn& G~zeUs”8th on the Nov~nlber19631.
An Act further ta amend the Bombay Money-lenders Act, 1946.
Zt b heby enacted in the Fourteenth Year of the Republic of India as

  1. This Act may be Called the 3ornbay Money-lenders (Oujarat Amandmoflt) w iiu%
    Act. 1963.
  2. ‘$I section 2 of the Bombay Money-lenders Act, 1946 (hereinafter refedto hdpsn~
    hall be inserted, namely :-
    XXXI as “the principal Act”). in clause (II), after the words “to the debtor” the fo11o~””
    of IW7.
    “W where under the terms of contract, compound interest is charged, ia-
    .clu&s the arnounf’ of interest included in the amount actually advanced for the
    purposea of charging interest”.
    lv-mtre67 (Lino)%l8~.! I ,la4rJ1G0W.OM:,HX., NOVEMBER 8, 1963jKARTIKA 17, 1886 [PAW=IV
    dsl~ndmmr 3. In section 6 of the principal Act, in sub-section (4),-
    ofdm6 of
    Eoln. XXxI
    of 1047, (0 for the letters and figure “Rs.5” where they occur at two plam. the letters
    and figures “Rs.10” shall be substituted;
    (if)for the letters and figure “Rs. 2”, the letters and figure “Rs.4” shall bo
    hmdment 4. In section 9 of the principal Act,-
    ‘~bst* d j 3,, afmtion9 of Born, XXXI of 1947. 6 I 8 , (4for the figures, letters’ibd;words “3 1st day of Jul$” the figures, letbrs and wards “31st day of pecemhr” shaU be substituted; and t , (ii) after the proviso, the following proviso ahail, be insertad, rlamely :- I, i.8 ; ,,’. “Provided further ihat h lick&& subsisting on”‘the cornmeacorncot of 8spiiv other provisions pf this Act, bp valid upto the end of Wmher 1964,”, , .,, Bombay Money-lenders ( Gujarat Amendment-) Act, 1963 shall, subject to tbe of ,’ .. 1948. .’a ,,I 1, t1q71 ;; ! B;r d 1947~, , (i) in sub-section(I), for the words “at the rate specified hthe Schedule on tha I basis of the maximum capital utilised” the words “at thearate of one rupee per thousand rupees or part thereof, subject to a maximum of Bty one rupees, on the total’mount advanced” shall be substituted; and badmmt 5. In section 9A of the $hc$all Ad- ofdon98 of 3om.XX. now OB and QCIn !1:f5 inserted, nabely :- (ii) the lESplanation shall be deleted. ~nse~ti;6. After section 9A of the principal Act, the following new sections shall bt
    Bom. XXXZ
    of 1947.
    ~UBof “9B. When a licence granted to a money-lender is ht, destroyed, torn ‘br
    ,r ., . ,
    otherwise defaced, the money-lender may be granted a duplicate licemu1 bn
    r ,gaymgnf of such f~assmay be prescribed.
    *I . [
    ,, .
    9C..Menever a copy of any document from the recurd of any application,
    it may be grant& on payment of such fees as may pie@bed.”.
    d6,?P ing* or appeal is requirad by any party to such application, inqu.

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