(1)No person shall carry on the business of money lending in any area unless he holds a valid registration certificate in respect of that area :Provided that the person who holds a valid registration certificate shall not carry on the business of money lending in the area of a Gram Panchayat or shall not lend money to a member of a Gram Sabha if a resolution to that effect is duly passed by the Gram Sabha of such Gram Panchayat.
