Section 7 in Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003
7. Voluntary disclosure.
- Any person who charges exorbitant interest may, within one month from the date of publication of the Tamil Nadu Prohibition of Charging Exorbitant Interest Ordinance, 2003 (Tamil Nadu Ordinance 2 of 2003) in the Tamil Nadu Government Gazette, file a petition before the Court disclosing his intention to charge only the rate fixed by the Government under section 7 of the Money-lenders Act on the loan advanced by him and on such disclosure, the interest in respect of such loan shall be as fixed by the Government under section 7 of the Money-lenders Act and no prosecution for the offences under this Act shall be instituted in respect of such loan.
