In this Act, unless the context otherwise requires,—(1)“company” means a company as defined in the Companies Act, 1956 (Central Act 1 of 1956);(2)“co-operative society” means a society registered or deemed to be registered under the Karnataka Co-operative Societies Act, 1959 Karnataka Act 11 of 1959)(3)“interest” includes any amount, by whatsoever name called, in excess of the principal, paid or payable to a pawnbroker in consideration of or otherwise in respect of a loan; but does not include any sum lawfully charged in accordance with the provisions of this Act by a pawnbroker for or on account of charges;(4)“licence” means a licence granted under this Act;(5)“loan” means an advance at interest whether of money or in kind and includes any transaction which the Court finds in substance to amount to such an advance but does not include,-(i)a deposit of money or other property in a Government Post Office Savings Bank or Government Savings Bank or banking company or in a company or with a cooperative society;(ii)an advance made by,—(a)a banking company as defined in the Banking Regulation Act, 1949 (Central Act 10 of 1949); or(b)the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955); or(c)a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959); or(d)a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970); or(e)a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980); or(f)a regional rural bank constituted under the Regional Rural Banks Act, 1976 (Central Act 21 of 1976); or(g)the National Bank for Agriculture and Rural Development established under the National Bank for Agriculture and Rural Development Act, 1981 (Central Act 61 of 1981); or(h)the Agricultural Finance Corporation Limited, a company incorporated under the Indian Companies Act 1956m (Central Act 11 of 1956)(i)a Co-operative society registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959);(iii)an advance made by Government or by any person authorised by Government to make advances on their behalf, or by any local authority;(iv)an advance made by any person bona fide carrying on any business not having for its primary object the lending of money, if such loan is advanced in the regular course of such business; and(v)an advance made by a landlord to his tenant, for the purpose of carrying on agriculture;(6)“notification” means a notification published in the Official Gazette;(7)“pawn-broker” means a person who carries on the business of taking goods and chattels in pawn for a loan;Explanation.— Every person who keeps a shop for the purchase or sale of goods or chattels and who purchases goods or chattels and pays or advances thereon any sum of money, with or under an agreement or understanding expressed or implied that the goods or chattels may be afterwards re-purchased on any terms, is a pawnbroker within the meaning of this clause;(8)“pawner” means a person delivering an article for pawn to a pawnbroker;(9)“pledge” means an article pawned with a pawnbroker;(10)“prescribed” means prescribed by rules made under this Act;(11)“principal” means in relation to a loan the amount actually lent to the pawner;(12)“ Year” means the year commencing on the first day of April.
