Money-Lenders, Interest, Compound Interest, Licence
QUJARAT ACT NO. XLIV OF 1963.
[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
- This Act may be Called the 3ornbay Money-lenders (Oujarat Amandmoflt) w iiu%
- ‘$I section 2 of the Bombay Money-lenders Act, 1946 (hereinafter refedto hdpsn~
hall be inserted, namely :-
XXXI as “the principal Act”). in clause (II), after the words “to the debtor” the fo11o
“W where under the terms of contract, compound interest is charged, ia-
.clu&s the arnounf’ of interest included in the amount actually advanced for the
purposea of charging interest”.
lv-mtre67 (Lino)%l8~.! I ,la4rJ1G0W.OM:,HX., NOVEMBER 8, 1963jKARTIKA 17, 1886 [PAW=IV
dsl~ndmmr 3. In section 6 of the principal Act, in sub-section (4),-
of 1047, (0 for the letters and figure “Rs.5” where they occur at two plam. the letters
and figures “Rs.10” shall be substituted;
(if)for the letters and figure “Rs. 2”, the letters and figure “Rs.4” shall bo
hmdment 4. In section 9 of the principal Act,-
d j 3,, afmtion9 of Born, XXXI of 1947. 6 I 8 , (4for the figures, letters’ibd;words “3 1st day of Jul$” 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
~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.
DISCLAIMER: This document is being furnished to you for your information by Blinkvisa. The contents of this document have been obtained from sources Blinkvisa believes to be reliable. These contents have not been independently verified, and PRS makes no representation or warranty as to the accuracy, completeness or correctness. In some cases the Principal Act and/or Amendment Act may not be available. Principal Acts may or may not include subsequent amendments. For authoritative text, please contact the relevant state department concerned or refer to the latest government publication or the gazette notification. Any person using this material should take their own professional and legal advice before acting on any information contained in this document. Blinkvisa or any persons connected with it do not accept any liability arising from the use of this document. Blinkvisa or any persons connected with it shall not be in any way responsible for any loss, damage, or distress to any person on account of any action taken or not taken on the basis of this document.