Section 2 in Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003
2. Definitions.
- In this Act, unless the context otherwise requires,-(1)"daily vatti" means interest on daily basis which will work out to an interest rate more than that fixed by the Government under section 7 of the Money-lenders Act;(2)"debtor" means a person who receives loan for exorbitant interest;(3)"exorbitant interest" means and includes daily vatti, hourly vatti, kandhu vatti, meter vatti and thandal;(4)"hourly vatti" means interest on hourly basis which will work out to an interest rate more than that fixed by the Government under section 7 of the Money-lenders Act;(5)"kandhu vatti" means an interest which will work out to an interest rate more than that fixed by the Government under section 7 of the Money-lenders Act;(6)"loan" means an advance of money for daily vatti, hourly vatti, kandhu vatti, meter vatti or thandal;(7)"meter vatti" means an interest which will work out to an interest rate more than that fixed by the Government under section 7 of the Money-lenders Act, for every day on the loan amount not paid within the stipulated time;(8)"Money-lenders Act" means the Tamil Nadu Money-lenders Act, 1957;(9)"thandal" means interest which will work out to an interest rate more than that fixed by the Government under section 7 of the Money-lenders Act, which is to be collected daily along with the part of the loan amount;(10)words and expressions used but not defined in this Act, shall have the meanings assigned to them in the Money-lenders Act.
