(1)The grant of a licence shall not be refused except on any of the following grounds:-(a)that the applicant, or any person responsible or proposed to be responsible for the management of his business as a money-lender is disqualified from holding a licence;(b)that the applicant has not complied with the provisions of this Act or the rules in respect of an application for the grant of licence;(c)that the applicant has made wilful default complying with or knowingly acted in contravention of any requirement of this Act;(d)that satisfactory evidence has been produced that the applicant or any person responsible or proposed to be responsible for the management of his business of money-lending has-(i)knowingly participated in or connived at any fraud or dishonesty in the conduct of or in connection with the business of money-lending; or(ii)been found guilty of an offence under Chapter XVII or sections 465, 477 or 477-A of Chapter XVIII of the Indian Penal Code, 1860 (Central Act 45 of 1860);(iii)In the opinion of the Registrar, used money from the source which is questionable and doubtful.
