8. Money-lending business not to be carried on except under licence. -
After such date not less than six months after the commencement of this Act as the [State] [Words substituted for the words 'Provincial' by the Adaptation of Laws Order. 1950.] Government shall, by notification in the Official Gazette, appoint in this behalf, no money-lender shall carry on the business of money-lending unless he holds an effective licence.Explanation.- An effective licence for the purposes of this Act comprises a licence issued to a person who is not disqualified for holding a licence.
