Section 2(8) in The Punjab Registration of Money-lender's Act, 1938
(8)"Loan" means an advance whether secured or unsecured of money or in kind at interest and shall include any transaction which the court finds to be in substance a loan, but it shall not include -(i)an advance in kind made by a landlord to his tenant for the purposes of husbandry;Provided the market value of the return does not exceed the market value of the advance as estimated at the time of advance.(ii)a deposit of money or other property in a Government Post Office Bank, or any other Bank, or with a company, or with a co-operative society or with any employer as security from his employees;(iii)a loan to, or by, or a deposit with any society or association registered under the Societies Registration Act, 1860, or under any other enactment;(iv)a loan advanced by or to the Central or any [State] [Substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government or by or to any local body under the authority of the Central or any [State] [Substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government;(v)a loan advanced by a bank, a co-operative Society or a company whose accounts are subject to audit by a certificated auditor under the Indian Companies Act, 1913;(vi)a loan advanced by a trader to a trader, in the regular course of business, in accordance with trade usage;(vii)an advance made on the basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881, other than a promissory note.
