- In this Act, unless the context otherwise requires, -(1)"appointed day" means the date on which this Act comes into force;(2)"bank" means -(i)a banking company or a co-operative bank to which the Banking Regulations Act, 1949, (10 of 1949) applies;(ii)the State Bank of India constituted under the State Bank of India Act, 1955, (23 of 1955);(iii)a Subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, (38 of 1959.);(iv)a corresponding new' bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, (5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, (40 of 1980); and(v)a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976, (21 of 1976);(3)"business of money-lending" means the business of advancing loans, whether in cash or kind and whether or not in connection with or in addition to, any other business and includes the business of payment of loan by an agreement under any law for the time being in force;(4)"capital" means a sum of money which a Money-Lender invests in the business of money-lending;(5)"company" means a company as defined in the Companies Act, 1956,(1 of 1956.);(6)"co-operative society" means a society registered or deemed to have been registered under the Gujarat Co-operative Societies Act, 1961, (Gujarat 10 of 1962) or any other Act relating to co-operative societies and includes a Multi State Co-operative Society registered under the Multi State Co-operative Societies Act, 2002, (39 of 2002);(7)"debtor" means a person to whom a loan is advanced and includes a successor-in-interest or surety;(8)"interest" includes the sum to be made over and above principal amount lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise, but does not include any sum lawfully charged by Money-Lender as costs, charges, expenses, towards evaluation, assessment and creation of the security;(9)"loan" means an advance whether of money or in kind, at an interest, with or without security, and includes advance, discount, money paid for or on account of or on behalf of or at the request of any person, or the forbearance to require payment of money owing on any account whatsoever, and every' agreement under any law' for the time being in force (whatever its terms or form may be) which is in substance or effect a loan of money, but does not include -(a)a deposit of money or other property in a Government post office, a bank, a company or 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 1860) or any other enactment relating to a public, religious or charitable object;(c)a loan advanced by the State Government or by any local authority authorized by the State Government;(d)a loan advanced to a Government employee from a fund, established for the welfare or assistance of Government employees and which is sanctioned by the State Government;(e)a deposit of money with or a loan advanced by a co-operative society;(f)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;(g)a loan to or by an insurance company as defined in the Insurance Act, 1938, (4 of 1938);(h)a loan advanced by a Government company as defined in the Companies Act, 1956, (I of 1956);(i)an advance made bona fide by any trader carrying on any business, other than money-lending, if such advance is made in the regular course of such business;(j)a loan advanced by the National Bank for Agriculture and Rural Development established under the National Bank for Agriculture and Rural Development Act, 1981, (61 of 1981);(k)a loan advanced by the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981, (28 of 1981);(l)a loan advanced by the Small Industries Development Bank of India, established under the Small Industries Development Bank of India Act, 1989, (39 of 1989);(m)a loan advanced by the National Housing Bank, constituted under the National Housing Bank Act, 1987, (53 of 1987);(n)a loan advanced by State Financial Corporations established under the State Financial Corporations Act, 1951, (63 of 1951) ; and(o)a loan advanced by any institution -(1)established by or under an Act of Parliament or the legislature of a State, which grants any loan or advance in pursuance of the provisions of that Act, or(2)notified in this behalf by the State Government, in consultation with the Reserve Bank;(10)"Money-Lender" means-(i)an individual, or(ii)a Hindu Undivided Family, or(iii)a company, or(iv)a pawn-broker, or(v)an unincorporated body of individuals, including a firm, who or which -(a)carries on the business of money-lending in the State, or(b)has his or its principal or subsidiary place of such business in the State;(11)"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;(12)"prescribed" means prescribed by rules;(13)"principal" means, in relation to a loan, the amount actually advanced to the debtors; and if the loan is in kind, the value of the quantity of the thing or commodity advanced, calculated at the market rate of price of such thing or commodity prevailing on the date of the advance;(14)"provident fund" means a provident fund as defined in the Provident Funds Act, 1925, (19 of 1925) and includes a Government provident fund and a railway provident fund as defined in the said Act;(15)"register" means a register of Money-Lenders maintained under section 4;(16)"registration" means registration granted to a Money-Lender under section 7;(17)"Registrar" means Registrar of Money-Lenders appointed under section 3;(18)"Registrar General" means the Registrar General of Money-Lenders appointed under section 3; and includes the Additional Registrar General of Money-Lenders;(19)"rules" means rules made under this Act;(20)"State" means the State of Gujarat;(21)"Suit to which this Act applies" means any suit or proceedings -(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 cither before or after the said date; or(c)for the redemption of any security given in respect of any loan advanced by a Money-Lender;(22)"trader" means a person who in the regular course of business buys and sells goods or other property whether movable or immovable, and includes -(i)a wholesale merchant,(ii)a commission agent,(iii)a broker,(iv)a manufacturer,(v)a contractor,(vi)a factory owner, but does not include, a person who sells his agricultural produce or cattle or buys agricultural produce or cattle for his use or an artisan.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.
