- In this Act, unless there is anything repugnant in the subject or context,-(1)[ "bank" means a banking company as defined in the Banking Companies Act, 1949 (X of 1949) and includes the Reserve Bank of India, the State Bank of India and any other banking institution notified by the Central Government under section 51 of the Banking Companies Act, 1949 (X of 1949);] [This clause was substituted by Bombay 50 of 1959, section 4(c) (i).](2)"business of money-lending" means the business of advancing loans whether or not in connection with or in addition to any other business;(3)"capital" means a sum of money which a money-lender invests in the business of money-lending;(4)"company" means a company as defined in the Indian Companies Act, 1913 (VII of 1913), or formed in pursuance of an Act of Parliament [of the United Kingdom] [These words were inserted by the Adaptation of Laws Order, 1950.] or by Royal Charter or Letters Patent, or by an Act of the Legislature of a British Possession;(5)"co-operative society" means a society registered or deemed to have been registered under the Bombay Co-operative Societies Act, 1925 (Bombay VII of 1925) [or any other law in force corresponding to that Act] [These words were inserted by Bombay 50 of 1959, section 4 (c).], or the Cooperative Societies Act, 1912 (II of 1912), or any Act of any other [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Legislature relating to co-operative societies;(5A)[ "inspection fee" means the fee leviable under section 9A in respect of inspection of books of account of a money-lender;] [Clause (5A) was inserted by Bombay 50 of 1959, section 4 (c).](6)"interest" includes any sum, by whatsoever name called, in excess of the principal paid or payable to a money-lender in consideration of or otherwise in respect of a loan, but does not include any sum lawfully charged by a money-lender for or on account of costs, charges or expenses in accordance with the provisions of this Act, or any other law for the time being in force;(7)"licence" means a licence granted under this Act;(8)"licence fee" means the fee payable in respect of a licence;(9)"loan" means an advance at interest [* * *] [The words 'by way of credit' were deleted by Bombay 13 of 1951, section 2 (2) (a).] whether of money or in kind, but does not include-(a)a deposit of money or other property in a Government Post Office Bank or in any other bank or in a company or with a co-operative society;(b)a loan to, or by, or a deposit with any society or association registered under the Societies Registration Act, 1860 (XXI of I860), or any other enactment relating to a public, religious or charitable object; .(c)a loan advanced by Government or by any local authority authorised by Government;(cc)[ a loan advanced to a Government servant from a fund, established for the welfare or assistance of Government servants, and which is sanctioned by the State Government;] [Clause (cc) was inserted by Bombay 50 of 1959, section 4 (c) (iv).](d)a loan advanced by a co-operative society;(dl)[ an advance made to a subscriber to, or a depositor in, a Provident Fund from the amount standing to his credit in the fund in accordance with the rules of the fund; [These sub-clauses were inserted by Bombay 58 of 1948, section 2 (i).](d2)a loan to or by an insurance company as defined in the Insurance Act, 1938 (VI of 1938);](e)a loan to, or by [* * *] [The word 'Scheduled' was deleted by Bombay 13 of 1951, section 2 (2) (b).] bank;(f)an advance made on the basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881 (XXVI of 1881), other than a promissory note;(g)[ except for the purposes of sections 23 and 25,- [This sub-clause was substituted for the original by Bombay 13 of 1951, section 2 (2) (c).](i)a loan to a trader;(ii)a loan to a money-lender who holds a valid licence; or(iii)a loan, by a landlord to his tenant for financing of crops or seasonal finance, of not more than Rs.50 per acre of land held by the tenant;(iv)[ a loan advanced to an agricultural labourer by his employer;]Explanation. - The expression "tenant" shall have the meaning assigned to it in the Bombay Tenancy and Agricultural Lands Act, 1948 (Bombay LXVII of 1948) [or any other relevant tenancy law' in force relating to tenancy of agricultural lands] [These words were inserted by Bombay 50 of 1959, section 4 (c) (iv).], and the expressions "financing of crops" and "seasonal finance" shall have the meanings assigned to them in the Bombay Agricultural Debtors Relief Act, 1947 (Bombay XXVI of 1947));](10)"money-lender" means-(i)an individual, or(ii)an undivided Hindu family; or[* * *] [Paragraph (iii) was deleted by Bombay 13 of 1951, section 2 (3).](iiia)[ a company, or] [This paragraph was inserted by Bombay 58 of 1948, section 2 (ii).](iv)an unincorporated body of individuals, who or which -(a)carries on the business of money-lending in the [State] [This word was substituted for the word 'Province' by the Adaptation of Laws Order, 1950.]; or(b)has his or its principal place of such business in the [State] [This word was substituted for the word 'Province' by the Adaptation of Laws Order, 1950.];(10A)[ "pawn-broker" means a money-lender who in the ordinary course of his business advances a loan and takes goods in pawn as security for payment of such loan;] [Clause (10A) was inserted by Bombay 50 of 1959, section 4 (c) (v).](11)"prescribed" means prescribed by rules made under this Act;(12)"principal" means in relation to a loan the amount actually advanced to the debtor;[and where under the terms of contract, compound interest is charged, includes the amount of interest included in the amount actually advanced for the purposes of charging interest.] [These words were inserted by Gujarat 44 of 1963, section 2.](12A)[ "Provident Fund" means a Provident Fund as defined in the Provident Funds Act, 1925 (XIX of 1925), and includes a Government Provident Fund and a Railway Provident Fund as defined in the said Act;] [This clause was inserted by Bombay 58 of 1948, section 2 (iii).][( 13) "State" means the [State of Gujarat;] [Clause (13) was substituted for the original by Bombay 50 of 1959, section 4 (c) (vi).](13A)"recognised language" means [* * *] [The words 'in Greater Bombay Marathi or Gujarati and elsewhere' were deleted by the Gujarat Adaptation of Laws (State and Concurrent Subjects) Order, 1960.] the language of the Court;(14)"register" means a register of money-lenders maintained under section 4;(15)"rules" means rules made under this Act;[* *****] [Clause (16) was deleted by Bombay 13 of 1951, section 2 (4).](17)"suit to which this Act applies" means any suit or proceeding-(a)for the recovery of a loan made after the date on which this Act comes into force;(b)for the enforcement of any security taken or any agreement, made after the date on which this Act comes into force in respect of any loan made either before or after the said date; or(c)for the redemption of any security given after the date on which this Act comes into force in respect of any loan made either before or after the said date;(18)"trader" means a person who in the regular course of business buys and sells goods or other property, whether moveable or immoveable, and includes -a wholesale or retail merchant,a commission agent,a broker,a manufacturer,a contractor,a factory owner,but does not include an artisan or a person who sells his agricultural produce or cattle or buys agricultural produce or cattle for his use.Explanation. - For the purposes of this clause an "artisan" means a person who does not employ more than ten workers in a manufacturing process on any one day of the twelve months immediately' preceding.
