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Bombay Presidency - Act

The Bombay Money-Lenders Act, 1946

BOMBAY PRESIDENCY
India

The Bombay Money-Lenders Act, 1946

Act 31 of 1947

Published on 31 May 1947
Commenced on 31 May 1947
[This is the version of this document from 31 May 1947.]
[Note: The original publication document is not available and this content could not be verified.]

The Bombay Money-Lenders Act, 1946Bombay Act No. 31 of 1947[31st May, 1947]This Act has been repealed by Maharashtra Ordinance No. 1 of 2014 dated 16-1-2014.For Statement of Objects and Reasons, see Bombay Government Gazette, 1948, Part V, Page 97; for Report of the Select Committee, See ibid., page 239; for Proceedings in Assembly, see Bombay Legislative Assembly Debates, 1946, Vol. IX and for Proceedings in Council see Bombay Legislative Council Debates, 1947, Vol. XII.This Act was extended to the rest of the State of Bombay (vide Bombay 50 of 1959, Section 2)An Act to regulate the transactions of money-lending in [the State of Bombay] [These words were substituted for the words 'the Province of Bombay' by Bombay 50 of 1959, Section 4(a)]Whereas it is expedient to make better provisions for the regulation and control of transactions of money-lending in [the State of Bombay] [These words were substituted for the words 'the Province of Bombay' by Bombay 50 of 1959, Section 4(a)]; It is hereby enacted as follows:-

1. Short title, extent and commencement.

(1)This Act may be called the Bombay Money-lenders Act, 1946.

(2)[ It extends to the whole of the [State of Maharashtra.] [Sub-section (2) was substituted for the original by Bombay 50 of 1959, Section 4(b)(i).]]

(3)It shall come into force [in the pre-Reorganisation State of Bombay] [These words were inserted by Bombay 50 of 1959, Section 4(b)(ii).] on such date as the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government may, by notification in the Official Gazette, [appoint in this behalf and in that part of the State of Bombay to which it is extended by the Bombay Money-lenders (Unification and Amendment) Act, 1959, it hall come into force on such other date as the State Government may, by notification published in the like manner; appoint in this behalf.] [This portion was substituted for the words 'appoint in this behalf' by Bombay 50 of 1959, Section 4(b)(ii).]

2. Definitions.

- In this Act, unless there is anything repugnant in the subject or context, -

(1)[ "bank" means a banking company as defined in the Banking Regulation Act, 1949 and includes, - [Clause (1) was substituted for the original by Maharashtra 76 of 1975, Section 2(a).]

(i)the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934;

(ii)the State Bank of India constituted under the State Bank of India Act, 1955;

(iii)a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959;

(iv)a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; and

(v)any other banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949;]

(2)"business of money-lending" means the business of advancing loans [whether in cash or kind and] [These words were inserted by Maharashtra 76 of 1975, Section 2(b).] whether or not in connection with or in addition to any other business;

(3)"capital" means a sum of money which a money-lender invests in the business of money-lending;

(4)[ "company" means a company as defined in the Companies Act, 1956] [Clause (4) was substituted for the original by Maharashtra 76 of 1975, Section 2(c).];

(5)"co-operative society" means a society registered or deemed to have been registered under the [Maharashtra Co-operative Societies Act, 1960] [These words and figures were substituted for the words and figures 'Bombay Co-operative Societies Act, 1925 or any other law in force corresponding to that Act' by Maharashtra 76 of 1975, Section 2(d).] or the Co-operative Societies Act, 1912, or any Act of any other [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Legislature relating to Co-operative societies;

(5A)[ "inspection fee" means the fee leviable under section 9A in respect of inspection of books of accounts of a money-lender;] [Clause (5A) was inserted by Bombay 50 of 1959, Section 4(c).]

(6)"interest" includes any sum, by whatsoever name called, in excess of the principal paid or payable to a money-fender in consideration of or otherwise in respect of a loan, but does not include any sum lawfully charged by a moneylender for or on account of costs, charges or expenses in accordance with the provisions of this Act, or any other law for the time in force;

(7)"licence" means a licence granted under this Act;

(8)"licence fee" means the fee payable in respect of a licence;

(9)"loan" means an advance at interest [* *] [The words 'by way of credit' were deleted by Bombay 13 of 1951, Section 2(2)(a).] whether of money or in kind but does not include-

(a)a deposit of money or other property in a Government Post Office, Bank or in any other bank or in a company or with 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, or any other enactment relating to a public, religious or charitable object;

(c)a loan advanced by Government or by any local authority authorised by Government;

(cc)[ a loan advanced to a Government servant from a fund, established for the welfare or assistance of Government servants, and which is sanctioned by the State Government;] [Clause (cc) was inserted by Bombay 50 of 1959, Section 4(c)(iv).]

(d)a loan advanced by a Co-operative society;

(d1)[ 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; [Sub-clause (d1) and (d2) were inserted by Bombay 58 of 1948, Section 2(i).]

(d2)a loan to or by an insurance company as defined in the Insurance Act, 1938;]

(e)a loan to, or by [* *] [The word 'scheduled' was deleted by Bombay 13 of 1951, Section 2(2)(b).] bank;

(ee)[ loan to, or by, or deposit with, any body (being a body not falling under any of the other provisions of this clause), incorporated by any law for the time being in force in the State;] [Sub-clause (ee) was inserted by Maharashtra 12 of 1968, Section 2.]

(f)an advance, [of any sum exceeding rupees three thousand] [These words were inserted by Maharashtra 20 of 1977, Section 2(a).] made on the basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881, 'other than a promissory note;

(f1)[ an advance of any sum exceeding rupees three thousand made on the basis of a hundi {written in English or any Indian language); [Sub-clause (f1) and (f2) were inserted by Maharashtra 20 of 1977, Section 2(b).]

(f2)an advance made bona fide by any person carrying on any business, not having for its primary object the lending of money if such advance is made in the regular course of his business;]

(g)[ except for the purposes of sections 23 and 25,- [This sub-clause was substituted for the original by Bombay 13 of 1951, Section 2(2)(c).]

[* * *]

(iii)a loan, by a landlord to his tenant for financing of crops or seasonal finance, of not more than Rs. 50 per acre of land held by the tenant;

(iv)[ a loan advanced to an agricultural labourer by his employer;] [Item (iv) was added by Bombay 50 of 1959, Section 4(c)(iv).]

Explanation. - The expression "tenant" shall have the meaning assigned to it in the Bombay Tenancy and Agricultural Land Act, 1948, [or any other relevant tenancy law in force relating to tenancy of agricultural lands] [These words were inserted by Bombay 50 of 1959.], and the expressions "financing of crops" and "seasonal finance" shall have the meanings assigned to them in the Bombay Agricultural Debtors' Relief Act, 1947;]

(10)"money-lender" means-

(i)an individual, or

(ii)an undivided Hindu family; or

[* * *] [Paragraph (iii) was deleted by Bombay 13 of 1951, Section 2(3).]

(iiia)[ a company, or] [This paragraph was inserted by Bombay 58 of 1948, Section 2(ii).]

(iv)an unincorporated body of individuals, who or which-

(a)carries on the business of money-lending in the [State] [This word was substituted for the word 'Province' by the Adaptation of Laws Order, 1950.]; or

(b)has his or its principal place of such [business in the State; and includes a pawn-broker but does not include- [This portion was substituted for the words 'business in the State' by Maharashtra 76 of 1975, Section 2(f).]

(i)Government,

(ii)a local authority,

(iii)a bank,

(iv)the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963; or

(v)any other banking financial or any institution which the State Government may, by notification in the Official Gazette, specify in this behalf;]

(10A)[ "pawn-broker" means a money-lender who in ordinary course of his business advances a loan and takes goods in pawn as security for payment of such loan;] [Clause (10A) was inserted by Bombay 50 of 1950, Section 4(c)(v).]

(11)"prescribed" means prescribed by rules made under this Act;

(12)"principal" means in relation to a loan the amount actually advanced to the debtor;

(12A)[ "Provident Fund" means a Provident Fund as defined in the Provident Fund Act, 1925, and includes a Government Provident Fund and a Railway Fund as defined in the said Act;] [This clause was inserted by Bombay 58 of 1948, Section 2(iii).]

(13)[ "State" means the [State of Maharashtra] [Clause (13) was substituted for the original by Bombay 50 of 1959, Section 4(c)(vi).];]

(13A)"recognized language" means in Greater Bombay Marathi or Gujarati and elsewhere the language of the Court;

(14)"register" means a register of money-lenders maintained under section 4;

(15)"rules" means rules made under this Act;

(16)[* * *] [Clause (16) was deleted by Bombay 13 of 1951, Section 2(4).]

(17)"suit to which this Act applies" means any suit or proceeding-

(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 either before or after the said date; or

(c)for the redemption of any security given after the date on which this Act comes into force in respect of any loan made either before or after the said date;

(18)"trader" means a person who in the regular course of business buys and sells goods or other property, whether movable or immovable, and includes--a wholesale or retail merchant,a commission agent,a broker,a manufacturer;a contractor,a factory owner,but does not include an artisan or a person who sells his agricultural produce or cattle or buys agricultural produce or cattle for his use.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.

3. Appointment of Registrar General, Registrars and Assistant Registrars.

- The [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government may by notification in the Official Gazette, appoint such persons, whether public officers or not, as it thinks proper, to be a Registrar General, Registrars and Assistant Registrars of money-lenders for the purposes of this Act and may define the areas within which each such officer shall exercise his powers and perform his duties.

4. Register of money-lenders.

- Every Assistant Registrar shall maintain for the area in his jurisdiction register of money-lenders in such form as may be prescribed:[Provided that any such register maintained in any area to which this Act is extended by the Bombay Money-lenders (Unification and Amendment) Act, 1959, immediately before the commencement of this Act in the area shall, in so far as it is not inconsistent with this Act or the rules made thereunder; be deemed to have been maintained under this Act.] [This proviso was added by Bombay 50 of 1959, Section 4(d).]

5. Money-lender not to carry business of money-lending except for area under licence and except in accordance with terms of licence.

- No money-lender shall carry on the business of money-lending except in the area for which he has been granted a licence and except in accordance with the terms and conditions of such licence.

6. Application for licence.

(1)Every money-lender shall annually before such date as may be prescribed make an application in the prescribed form for the grant of a licence to the Assistant Registrar of the area [within the limits of which the place] [This portion was substituted for 'within the limits of which he intends to carry on the business on moneylending,' by Bombay 58 of 1949, Section 3(i).] [where he carries on or intends to carry on the business of money-lending is situated. When he carries on or intends to carry on such business at more than one place, a separate application in respect of each such place shall be made to such Assistant Registrar] [This portion was substituted for the portion beginning with 'where he intends to carry' and ending with 'is situated' by Maharashtra 76 of 1975, Section 3(a)(i).]. Such application shall contain the following particulars, namely :-

(a)[the true name] [These words were substituted for the words 'the name' and for the words 'the name', respectively by Maharashtra 76 of 1975, Section 3(a)(ii).] in which such money-lender intends to carry on business and [the true name] [These words were substituted for the words 'the name' and for the words 'the name', respectively by Maharashtra 76 of 1975, Section 3(a)(ii).] of the person proposed to be responsible for the management of the business;

(b)if the application is by or on behalf of-

(i)an individual, [the true names] [These words were substituted for the words 'the name' and for the words 'the name', respectively by Maharashtra 76 of 1975, Section 3(a)(ii).] and address of such individual.

(ii)an undivided Hindu family, [the true names] [These words were substituted for the words 'the name' and for the words 'the name', respectively by Maharashtra 76 of 1975, Section 3(a)(ii).] and addresses of the manager and the adult coparceners of such family;

(iii)[a company] [These words were substituted for the words 'a bank or company' by Bombay 13 of 1951, section 3(i)(a).], [the true names] [These words were substituted for the words 'the name' and for the words 'the name', respectively by Maharashtra 76 of 1975, Section 3(a)(ii).] and addresses of the directors, manager or principal officer managing it;

(iv)an unincorporated body of individuals, [the true names] [These words were substituted for the words 'the name' and for the words 'the name', respectively by Maharashtra 76 of 1975, Section 3(a)(ii).] and addresses of such individuals;

(c)the area and the place or principal place of the business of moneylending in the [State] [This word was substituted for, the word 'Province' by the Adaptation of Laws Order, 1950.];

(d)the name of any other place in the [State] [This word was substituted for, the word 'Province' by the Adaptation of Laws Order, 1950.] where the business of money-lending is carried on or intended to be carried on;

(e)whether the person signing the application has himself or any of the adult coparceners of an undivided Hindu family, or any director, manager or principal officer of the [ [* *] [These words were substituted for the original by Bombay 58 of 1948, Section 3(1)(b) and (c).] company] or any member of the unincorporated body on behalf of which such application has been made, as the case may be, has carried on the business of money-lending in the [State] [This word was substituted for, the word 'Province' by the Adaptation of Laws Order, 1950.] in the year ending on the 31st day of March immediately preceding the date of the application either individually, or in partnership, or jointly with any other coparcener or any other person and whether in the same or any other name;

(f)the total amount of the capital which such person intends to invest in the business of money-lending in the year for which the application has been made;

(g)[ if the places at which the business of money-lending is to be carried on are more than one, [the true names] [New clause (g) was inserted by Bombay 58 of 1948, Section 3(i)(a).] of person who shall be in the management of the business at each such place.]

(2)The application shall be in writing and shall be signed-

(a)

(i)if the application is made by an individual, by the individual;

(ii)if the application is made on behalf of an undivided Hindu family, by the manager [* * *] [The words 'and the adult coparceners' were deleted by Bombay 58 of 1948, Section 3(ii)(a).] of such family;

(iii)if the application is made by a [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 3(ii)(b).] company] or unincorporated body, by the managing director or any other person having control of its principal place of business in [the territory of India except Part B States] [These words and letter were substituted for the words, 'British India' by the Adaptation of Laws Order, 1950.] [but including the Saurashtra and Hyderabad areas of the State of Bombay] [These words were inserted by Bombay 50 of 1959, Section 4(e).] or of its place of business in the area in which it intends to carry on the business; or

(b)by an agent authorised in this behalf by a power of attorney by the individual money-lender himself, or the family, or the [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 3(ii)(b).] company] or the unincorporated body, as the case may be.

(3)The application shall also contain such other particulars as may be prescribed.[ [(4) Every application shall be accompanied by a licence fee of [two hundred rupees]: [Sub-sections (4) and (5) were added by Bombay 58 of 1948, Section 3(iii).]Provided that, where an application is made after the expiry of the period prescribed by rules, it shall be accompanied by a licence fee of [four hundred rupees.] [These words were substituted for the words 'two hundred' by Maharashtra 7 of 1992, Section 2(b).]]

(5)The fee payable under this section shall be paid in the manner prescribed and shall not be refunded, notwithstanding the fact that [* * *] [The words 'the grant of licence is refused or' were deleted by Maharashtra 7 of 1992, Section 3(c).] the application is withdrawn.]

7. Grant of licence and entry in register.

- [(1)] [Section 7 was renumbered as 7(1), by Bombay 58 of 1948, Section 4(1).] On the receipt of an application under section 6 [* * *] [The words 'and after making a summary enquiry in accordance with the prescribed procedure' were deleted by Maharashtra 76 of 1975, Section 4(a)(1).] the Assistant Registrar shall forward the application, together with his report, to the Registrar. [Subject to the provision to this Act, the Registrar may] [These words were substituted for the words 'The Registrar may', by Maharashtra 76 of 1975, Section 4(a)(ii).] after making such further inquiry, if any, as he deems fit, grant the applicant a licence in such form and subject to such conditions as may be prescribed, [* *] [The words 'on payment in the prescribed manner of licence fee of Rs. 5' were deleted by Bombay 58 of 1948, Section 4(1).] and direct the Assistant Registrar to enter the name of such applicant in the register maintained by him under section 4.[Provided that, the Registrar shall grant such licence in the Scheduled Areas after consultation with the Gram Sabha and the Panchayat concerned, and where the area of the licence extend to more than one Gram Sabha or Panchayat then the all the concerned Gram Sabha and the Panchayat Samiti, within whose area of jurisdiction the money-lender carries on or intends to carry on, the business of money-lending:Provided that the decision taken by majority of the Gram Sabhas concerned by passing a resolution in any of the above matters shall be binding on the concerned Panchayat Samiti.] [Provisos added by Maharashtra 46 of 1997, Section 10 (w.e.f. 29.12.1997)]Explanation. - For the purpose of these provisions,-

(i)the expression "Gram Sabha", "Panchayat" and "Scheduled Areas" shall have the meanings, respectively, assigned to them in the Bombay Village Panchayat Act, 1958;

(ii)the expression "Panchayat Samiti" shall have the meaning, assigned to it in the Maharashtra Zilla Parishads and the Panchayat Samitis Act, 1961.

[* * *] [The words beginning with 'If the application' and ending with 'business at such place' were deleted by Maharashtra 76 of 1975, Section 4(1).][* * *] [Sub-section (2) was deleted by Maharashtra 76 of 1975, Section 4(b).]

7A. [ [Certificate required for grant of licence.] [Sections 7A and 7B were deleted by Maharashtra 20 of 1977, Section 3.]

Deleted by Maharashtra 20 of 1977, Section 3.

7B. [Suspension and cancellation of certificate]

Deleted by Maharashtra 20 of 1977, Section 3.]

8. Refusal of issue of licence.

(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 a licence

[* * *] [The words, figures and letter 'or that the applicant does not hold a certificate under section 7A' were deleted by Maharashtra 20 of 1977, Section 4.];

(c)that the applicant has made wilful default in 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.

(2)[ The Registrar shall, before refusing a licence under sub-section (1) give to the applicant a reasonable opportunity of producing evidence, if any, in support of the application and of showing cause why the licence should not be refused; and record the evidence adduced before him and his reasons for such refusal.] [Sub-section (2) was substituted for the original by Bombay 50 of 1959, Section 4(f).]

(3)An appeal shall lie from an order of the Registrar refusing a licence under sub-section (1) to the Registrar General, whose decision shall be final.

8A. [ Registrar's power to cancel licences. [Section 8A was inserted by Bombay 58 of 1948, Section 5.]

(1)The Registrar may, during the term of any licence, cancel the same by an order in writing on the ground that the person to whom it was granted has been guilty of any act or conduct for which he might under section 8 have refused him the grant of the licence and which act or conduct was not brought to his notice at the time of the grant.

(2)Before cancelling a licence under sub-section (1) the Registrar shall give notice in writing to the licensee and may hold such inquiry as may be necessary.

(3)An appeal shall lie from an order of the Registrar cancelling a licence under sub-section (1) to the Registrar General whose decision shall be final.]

9. Term of licence.

- A licence shall be valid from the date on which it is granted to the 31st day of July following:[Provided that when an application for renewal of a licence has been received by an Assistant Registrar within the prescribed period, the licence shall, until the application is finally disposed of, be deemed to be valid.] [This proviso was added by Bombay 50 of 1959, Section 4(g).]

9A. [ Levy of inspection fee. [Section 9A was inserted by Bombay 50 of 1959, Section 4(h)]

(1)An inspection fee shall, in addition to the licence fee leviable under section 6, be levied from a money-lender applying for a renewal of a licence [at the rate of one per cent, of the maximum capital] utilized by him during the period of the licence sought to be renewed [or [rupees five thousand] [These words were added by Maharashtra 20 of 1977, Section 4.], whichever is lesser.]

(2)In default of payment of an inspection fee leviable under sub-section (1), it shall be recoverable from the defaulter in the same manner as an arrear of land revenue.Explanation. - For the purposes of this section, "maximum capital" means the highest total amount of the capital sum which may remain invested in the money-lending business on any day during the period of a licence.]

10. Stay of suits by money-lenders not holding licence.

- [(1) No court shall pass a decree in favour of a money-lender in any suit to which this Act applies [including such suit pending in the court before the commencement of the Bombay Money-lenders [Amendment] Act, 1975) unless the court is satisfied that at the time when the loan or any part thereof, to which the suit relates was advanced, the money-lender held a valid licence, and if the court is satisfied that the money-lender did not hold a valid licence, it shall dismiss the suit.] [This sub-section was substituted for sub-sections (1) to (4) by Maharashtra 76 of 1975.]

(2)Nothing in this section shall affect -

(a)suits in respect of loans advanced by a money-lender before the date in which this Act comes into force;

(b)[ the powers of a Court of Wards, or an Official Assignee, a receiver, an administrator or a Court under the provisions of the Presidency-towns Insolvency Act, 1909, or the Provincial Insolvency Act, 1920 or any other law in force corresponding to that Act, or of a liquidator under the Companies Act, 1956, to realize the property of a money-lender.] [Clause (b) was substituted for the original by Bombay 50 of 1959, Section 4(i).]

11. [Entry in register and grant of licence to a money-lender directed to obtain licence under section 10.]

Deleted by Maharashtra 76 of 1975, Section 9.

12. Application for cancellation of licence.

(1)Any person may, during the currency of a licence, file an application to the Registrar General for the cancellation of the licence issued to a money-lender on the ground that such money-lender has been guilty of any act or conduct for which the Registrar may under section 8 refuse him the grant of a licence. At the time of filling his application the said person shall deposit such amount not exceeding Rs. 100 as the Registrar General may deem fit.

(2)On the receipt of such application and deposit [or of a report to that effect from an officer acting under section 13A] [These words and figures were inserted by Bombay 50 of 1959, Section 4(j).] the Registrar General shall hold an inquiry and if he is satisfied that the money-lender has been guilty of such act or conduct he may direct the Registrar to cancel the licence of the money-lender and may also direct the return of the deposit made under subsection (1).

(3)If in the opinion of the Registrar General an application made under sub-section (1) is frivolous or vexatious, he may, out of the deposit made under subsection (1), direct to be paid to the money-lender such amount as he deems fit as compensation.

13. Registrar General, Registrar and Assistant Registrar to have powers of Civil Court.

- [For the purposes of sections 7 and 13A, the Registrar, Assistant Registrar and, as the case may be, the officer authorised under section 13A] [These words and figures were substituted for the words and figure 'For the purpose of section the Registrar and Assistant Regstrar' by Bombay 50 of 1959, Section 4(k).] and for the purposes of section 12 the Registrar General, shall have and may exercise the same powers as are vested in a Civil Court under the Code of Civil Procedure, 1908, in respect of the following matters:-

(a)enforcing the attendance of any person and examining him on oath;

(b)compelling the production of documents and material objects;

(c)issuing commissions for the examination of witnesses; and

(d)proof of facts by affidavits.

13A. [ Power of authorised officer to require production of records or documents. [Section 13A was inserted by Bombay 58 of 1948, Section 6.]

- For the purpose of verifying, whether the business of money-lending is carried on in accordance with the provisions of this Act any Registrar, Assistant Registrar or any other officer authorised by the [State] Government in this behalf may require any money-lender [or any person in respect of whom the Registrar, Assistant Registrar or the officer so authorised has reason to believe that he is carrying on the business of money-lending in the State] [These words were inserted by Bombay 7 of 1955, Section 2(a).] to produce any record or documents in his possession which in his opinion is relevant for the purpose and thereupon such money-lender [or person] [These words were inserted by Bombay 7 of 1955, Section 2(b).] shall produce such record or documents. The Registrar, Assistant Registrar or Officer, so authorised may after reasonable notice at any reasonable time [enter and search without warrant any premises] [These words were substituted for the words 'enter any premises' by Maharashtra 76 of 1975, Section 10(a).] where he believes such record or documents to be [and inspect such record or document and may ask any question necessary for interpreting or verifying such record.] [These words were inserted by Maharashtra 76 of 1975, Section 10(b).]]

13B. [ Disposal of property pledged with money-lender carrying on business of money-lending without valid licence. [Section 13B was inserted by Maharashtra 76 of 1975, Section 11.]

(1)If upon the inspection of records and documents made under section 13A, the inspecting officer is satisfied that the money-lender is in possession of property pledged to him by a debtor as security for the loan advanced by the money-lender in course of his business of money-lending without a valid licence, the inspecting officer shall require the money-lender to deliver forthwith the possession of such property to him.

(2)Upon the property being delivered to him, the inspecting officer, if he is not the Registrar, shall entrust it to the Registrar and the Registrar (when he is also the inspecting officer) shall keep it in his custody for being disposed of as hereinafter provided.

(3)On delivery of the property under sub-section (1) or sub-section (2), the Registrar shall, after due verification and identity thereof, return it to the debtor who had pledged it or, where the debtor is dead, to his known heirs.

(4)If the debtor or his known heirs cannot be traced, the Registrar shall, within ninety days from the date of taking possession of the property, publish a notice in the prescribed manner inviting claims thereto. If, before the expiry of the said period, a claim is received, whether in answer to the notice or otherwise, he shall adjudicate upon and decide such claim. If the Registrar is satisfied that any claim is valid, he shall deliver the possession of the property to the person claiming it on his giving a receipt therefor, and such delivery of the property to the person claiming it shall discharge the Registrar of his liability in respect of such property against any other person. If the claim is refused, the property shall stand forfeited to the State Government.

(5)Where the possession of the property pledged by a debtor cannot, for any reason (including identity thereof) be delivered to him, then the money-lender to whom it was pledged shall be required to pay to the debtor or if he is dead, to his known heir, the value of such property if such debtor or, as the case may be, the heir claims the property. If the money-lender fails to pay the value, it may be recoverable from him as an arrear of land revenue; and on recovery of the value, it shall be delivered to the debtor by whom such property was pledged or, as the case may be, to the heir.

(6)If there is difference of opinion between the money-lender and the debtor or, as the case may be, his heir on the question of value of the property or its identity, the question shall be referred to the Registrar for decision and his decision on the question shall be final.

(7)The value of the property may be determined with the assistance of the services of an expert appointed by the State Government in that behalf. The expert may be paid such honoraria as the State Government or any officer not below the rank of a Tahsildar appointed by it may by an order in writing from time to time in relation to any area or area determine.]

14. Court's power to cancel or suspend a licence.

(1)

(i)a Court passing an order of conviction against a money-lender for an offence under this Act, or

(ii)a Court trying a suit to which this Act applies, if satisfied that such money-lender has committed such contravention of the provisions of this Act or the rules as would, in its opinion, make him unfit to carry on the business of money-lending -

(a)may order that all the licences held by such money-lender in the [State] [This word was substituted for the word 'Province' by the Adaptation of Laws Order, 1950.] be cancelled or suspended for such time as it may think fit, and

(b)may, if it thinks fit, declare any such money-lender, or if any money-lender is an undivided Hindu family, a [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 7.] company] or an unincorporated body, such family, [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 7.] company] or body and also any person responsible for the management of the business of money-lending carried on by such family, [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 7.] company] or body, to be disqualified from holding any licence in the [State] [This word was substituted for the word 'Province' by the Adaption of Laws Order, 1950.] for such time as the Court may think fit.

(2)Where a Court convicts a money-lender of an offence under this Act, or makes an order or declaration under clause (a) or (b) or sub-section (1) it shall cause the particulars of the conviction, order or declaration, as the case may be, to be endorsed on all the licences held by the money-lender convicted or by any other person affected by the order or declaration and shall cause copies of its order or declaration to be sent to the Registrar by whom the licences were granted for the purpose of entering such particulars in the register:Provided that where any licence held by any money-lender is suspended or cancelled or any money-lender is disqualified from holding any licence under this section he may appeal against such order to the Court to which an appeal ordinarily lies from the decision of the Court passing the order, and the Court which passed the order or the Court of appeal may, if it thinks fit, pending the appeal, stay the operation of the order under this section.

(3)Any licence required by a Court for endorsement in accordance with subsection (2) shall be produced by the person by whom it is held in such manner and within such time as may be directed by the Court and any person who, without reasonable cause, makes default in producing the licence so required shall be liable, on conviction, to a fine not exceeding Rs. 500 for each day for period during which the default continues.

(4)Powers conferred on a Court under this section may be exercised by any Court in appeal or in revision.

15. No compensation for suspension or cancellation of licence.

- Where any licence is suspended or cancelled under this Act, no person shall be entitled to any compensation or the refund of any licence fee [or inspection fee] [These words were added by Maharashtra 76 of 1975, Section 12.].

16. Persons debarred from doing business during period of suspension or cancellation of licence.

- A person whose licence has been suspended or cancelled in accordance with the provisions of this Act, shall during the period of suspension or cancellation, as the case may be, be disqualified from holding any licence in the [State] [This wore was substituted for the word 'Province' by the Adaptation of Laws Order, 1950.].

17. Person whose licence is suspended or cancelled not to apply without giving particulars of endorsement or of disqualification.

- No person whose licence has been endorsed under section 14 or who has been disqualified from holding a licence shall apply for, or be eligible to hold a licence, without giving particulars of such endorsement or disqualification.

18. Duty of money-lender to keep accounts and furnish copies.

(1)Every money-lender shall keep and maintain a cash book and a ledger in such form and in such manner as may be prescribed.

(2)Every money-lender shall-

(a)deliver or cause to be delivered -

(i)to the debtor within 30 days from the date on which a loan is made, a statement in any recognized language showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the debtor and of the money-lender and the rate of interest charged:

[Provided that no such statement shall be required to be delivered to a debtor if he is supplied by the money-lender with a pass book which shall be in the prescribed form and shall contain an up-to-date account of the transactions with the debtor;] [This proviso was added by Bombay 57 of 1949, Section 2(a).]

(ii)to the Assistant Registrar; within the said period [a statement containing the particulars referred to in clause (a)(i)] [These words, brackets, letter and figure were substituted for the words 'a copy of the said statement', by Bombay 57 of 1949, Section 2(b).];

(b)upon repayment of a loan in full, mark indelibly every paper signed by the debtor with words indicating payment or cancellation, and discharge every mortgage, restore every pledge, return every note and cancel or reassign every assignment given by the debtor as security for the loan.

(2A)[ Notwithstanding anything contained in clause (a) (ii) of sub-section (2), the State Government may by order in writing permit such class of money-lenders as may be specified in the order to deliver or cause to be delivered to the Assistant Registrar a statement containing the particulars referred to in clause (a) (i) of sub-section (2) in respect of all loans made during every such period as may be specified in the order. And upon the issue of such order a money-lender electing to deliver a periodical statement as provided in this sub-section shall deliver or cause to be delivered the same within a period of 30 days from the date of expiry of every such period.] [This sub-section was inserted by Bombay 13 of 1951, Section 5.]

(3)No money-lender shall receive any payment from a debtor on account of any loan without giving him a plain and complete receipt for the payment.

(4)No money-lender shall accept from a debtor any article as a pawn, pledge or security for a loan without giving him a plain signed receipt for the same with its description, estimated value, the amount of loan advanced against it and such other particulars as may be prescribed. [Such money-lender shall maintain the duplicates of such receipts in a separate register.] [These words were added by Bombay 50 of 1959, Section 4(1).]

19. Delivery of statement of accounts and copies thereof by money-lender.

(1)Every money-lender shall deliver or cause to be delivered every year to each of his debtors a legible statement of such debtor's accounts signed by the money-lender or his agent of any account that may be outstanding against such debtor. The statement shall show -

(i)[ the amount of principal, the amount of interest and the amount of fees referred to in section 19A, separately, due to the money-lender at the beginning of the year; [These clauses were substituted for the original by Bombay 50 of 1959, Section 4(m).]

(ii)the total amount of loans advanced during the year;

(iii)the total amount of repayment received during the year; and

(iv)the amounts of principal and interest due at the end of the year.]

The statement shall be signed by the money-lender, or his agent, and shall be in any recognized language. It shall be in such form and shall be supplied to the debtor on or before such date as may be prescribed:[Provided that no such statement shall be required to be delivered to a debtor if he is supplied by the money-lender with a pass book which shall be in the prescribed form and shall contain an up-to-date account of the transactions with the debtor.] [This proviso was added by Bombay 57 of 1949, Section 3(a).]The money-lender shall on or before the aforesaid date deliver or cause to be delivered [a statement containing the particulars specified in causes (i) to (iv)] [These words, brackets and figures were substituted for the words 'a copy of each such statement' by Bombay 57 of 1949, Section 3(b).] to the Assistant Registrar.

(2)In respect of any particular loan, whether advanced before or after the date on which this Act comes into force, the money-lender shall, on demand in writing being made by the debtor at any time during the period when the loan or any part thereof has not been repaid, and on payment of the prescribed fee supply to the debtor, or if the debtor so requires to any person specified in that behalf in the demand, a statement, in any recognized language, signed by the money-lender or his agent, and containing the relevant particulars specified in sub-section (1).

(3)A money-lender shall, on a demand in writing by the debtor, and tender of the prescribed sum of expenses, supply of a copy of any documents relating to a loan made by him or any security therefor to the debtor, or if the debtor so requires to any person specified in that behalf in the demand.

(4)For the purpose of this section "year" means the year for which the accounts of the money-lender are ordinarily maintained in his own books.

19A. [ Fees for certain statements supplied to debtor to Assistant Registrars. [Section 19A was inserted by Bombay 58 of 1948, Section 8.]

(1)A money-lender may recover from a debtor fees for the statements [or a pass book] supplied to him under sub-section (2) of section 18 or sub-section (1) of section 19 and in respect of copies of such statements supplied to the Assistant Registrar under the said sub-section [or in respect of copies of statements supplied to him under sub-section (2A) of section 18.] [These words, brackets, figures and letter were added by Bombay 13 of 1951, Section 7(2).]

(2)Such fees shall be recoverable at such rates and in such manner as may be prescribed, subject to the maximum of two rupees per debtor, per year, irrespective of the number of statements or copies thereof supplied to the debtor or the Assistant Registrar during the relevant year.]

20. Debtor not bound to admit correctness of accounts.

- A debtor to whom a statement of accounts [or a pass book] [These words were inserted by Bombay 13 of 1951, Section 8.] has been furnished under section 19 shall not be bound to acknowledge or deny its correctness and his failure to do so shall not, by itself, be deemed to be admission of the correctness of the accounts.

21. Procedure of Court in suit regarding loans.

- Notwithstanding anything contained in any law for the time being in force in any suit to which this act applies -

(a)a Court shall, before deciding the claim on merits, frame and decide the issue whether the money-lender has complied with the provisions of sections 18 and 19;

(b)if the Court finds, that the provisions of section 18 or section 19 have not been complied with by the money-lender, it may, if the Plaintiff's claim is established, in whole or in part, disallow the whole or any portion of the interest found due, as may seem reasonable to it in the circumstances of the case and may disallow costs.

Explanation. - A money-lender who has given the receipt or furnished a statement of accounts [or a pass book] [These words were inserted by Bombay 13 of 1951, Section 9.] in the prescribed form and manner, shall be held to have complied with the provisions of section 18 or section 19, as the case may be, in spite of any errors and omissions, if the Court finds that such errors and omissions are not material or not made fraudulently.

22. Provisions of certain sections not to apply to loans made by [*] [The word 'bank' was deleted by Bombay 13 of 1951, Section 10.] [company] [The word was inserted by Bombay 58 of 1948, Section 8.] or unincorporated body exempted by Government.

- Nothing in sections 18 to 21 shall apply to loans advanced by any, [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 8.] [company] [The word 'bank' was deleted by Bombay 13 of 1951, Section 10.] or unincorporated body which the [State] [The word was substituted for the word 'Provincial' by Adaptation of Laws Order, 1950.] Government may by notification in the Official Gazette exempt from the operation of those sections.

23. Power of Court limit interest recoverable in certain cases.

- Notwithstanding anything contained in any agreement or any law for the time being in force, no Court shall in respect of any loan whether advanced before or after the date on which this Act comes into force, decree, on account of interest, a sum greater than the principal of the loan due on the date of the decree.

24. Power of Court to direct payment of decretal amount by instalments.

- Notwithstanding anything contained in the Code of Civil Procedure, 1908, the Court, may at any time, on application of a judgment-debtor, after notice to the decree-holder, direct that the amount of any decree passed against him, whether before or after the date on which this Act comes into force, in respect of a loan, shall be paid in such number of instalments and subject to such conditions, and payable on such dates, as having regard to the circumstances of the judgement-debtor and the amount of the degree, it considers fit.

25. Limitation on rates of interest.

- The [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government may from time by a notification in the Official Gazette fix the maximum rates of interest for any local area or class of business of money-lending in respect of secured and unsecured loans;[* * *] [This proviso was deleted by Bombay 13 of 1951, Section 11.]

(1A)[ No money-lender shall receive from a debtor or intending debtor any sum by way of compound interest on a loan advanced or intended to be advanced or any sum by way of interest at a rate higher than the rate fixed under sub-section (1) for any default committed by the debtor in payment of the sums on due date in accordance with the terms on which the loan is granted:Provided that the money-lender, in case of such default, may charge simple interest at a rate not exceeding the rate payable in respect of the principal on the sums due in respect of the period commencing on the date on which they become due for payment and ending on the date on which they are actually paid.] [Sub-section (1A) was inserted by Maharashtra 76 of 1975, Section 13(a).]

(2)Notwithstanding anything contained in any law for the time being in force, no agreement between a money-lender and a debtor for payment of interest at rates exceeding the maximum rates fixed by the [State] [The word 'bank' was deleted by Bombay 13 of 1951, Section 10.] Government under sub-section (1) [and no agreement in contravention of the provisions of sub-section (1A) shall be valid.] [This portion was substituted for the portion beginning with 'shall be valid' and ending with 'exceeding the said rates' by Maharashtra 76 of 1975, Section 13(b).]

(3)[ [If any money-lender or a person advancing a loan specified in sub-clause (g) of clause (9) of section 2 makes an oral or written demand or charges or receives] [Sub-section (3) was added by Bombay 57 of 1949, Section 4.] from a debtor interest at rate exceeding the maximum rate fixed by the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government under sub-section (1) he shall, for the purposes of section 34, be deemed to have contravened the provisions of this Act.]

26. Prohibition of charge for expenses on loans by money-lenders.

- [(1) No money-lender shall receive from a debtor or intending debtor any sum other than reasonable costs of investigating title to the property, costs of stamp, registration of documents and other usual out-of-pocket expenses in cases where an agreement between the parties includes a stipulation that property is to be given as security or by way of mortgage and where both parties have agreed to such costs and reimbursement thereof or where such costs, charges or expenses are leviable under the provisions of the Transfer of Property Act, 1882, or any other law for the time being in force.

(2)Any sum received by a money-lender in contravention of sub-section (1) from a debtor or intending debtor on account of costs, charges or expenses referred to in that sub-section shall be recoverable from the money-lender as debt due from him to the debtor or, as the case may be, intending debtor, or shall be liable to be set off against the loan actually lent to the debtor or intending debtor.] [Section 26 was renumbered as sub-section (1) and sub-section (2) was inserted by Maharashtra 76 of 1975, Section 14.]

27. Notice and information to be given on assignment of loans.

(1)Where a loan advanced, whether before or after the date on which this Act comes into force, or any interest of such loan or the benefit of any agreement made or security taken in respect of such loan or interest is assigned to any assignee, the assignor (whether he is the money-lender by whom the money was lent or any person to whom the debt has been previously assigned) shall, before the assignment is made -

(a)give the assigned notice in writing that the loan, interest, agreement or security is affected by the operation of this Act;

(b)supply to the assignee all information necessary to enable him to comply with the provisions of this Act; and

(c)give the debtor notice in writing of the assignment supplying the name and address of the assignee.

(2)Any person acting in contravention of the provisions of sub-section (1) shall be liable to indemnify any other person who is prejudiced by the contravention.

28. Application of Act as respects assignees.

(1)Save as hereinafter provided, where any debt due to money-lender in respect of money lent by him whether before or after the date on which this Act comes into force or of interest on money so lent or of the benefit of any agreement made or security taken in respect of any such debt or interest, has been assigned, the assignee shall be deemed to be the money-lender and all the provisions of this Act shall apply to such assignee as if he were the money-Sender.

(2)Notwithstanding anything contained in this Act or in any other law for the time being in force, where for any reason any such assignment is invalid and the debtor has made any payment of money or transfer of property on account of any loan which has been so assigned, the assignee shall in respect of such payment or transfer be deemed to be the agent of the money-lender for all the purposes of this Act.

29. Reopening of transactions.

- Notwithstanding anything contained in any law for the time being in force, the Court shall, in any suit to which this Act applies, whether heard ex parte or otherwise-

(a)reopen any transaction, or any account already taken between the parties;

(b)take an account between the parties;

(c)reduce the amount charged to the debtor in respect of any excessive interest;

(d)if on taking accounts it is found that the money-lender has received more than what is due to him pass a decree in favour of the debtor in respect of such amount:

Provided that in the exercise of these powers, the Court shall not -

(i)reopen any adjustment or agreement purporting to close previous dealings and to create new obligations, which have been entered into by the parties or any person through whom they claim at a date more than six years from the date of the suit;

(ii)do anything which affects any decree of a Court,

Explanation. - For the purpose of this section "excessive interest" means interest at a rate which contravenes any of the provisions of section 25.

30. Inquiry for taking accounts and declaring the amount due.

(1)Any debtor may make an application at any time to the Court, whether the loan [* * *] [The words 'to which the suit related' were deleted by Bombay 50 of 1959, Section 4(a).] has or has not become payable for taking accounts and for declaring the amount due to the money-lender. Such application shall be in the prescribed form and accompanied by the prescribed fee.

(2)On receipt of such application, the Court shall cause a notice of the application to be given to the money-lender.

(3)On the date fixed for the application or on such date to which the hearing may be adjourned from time to time, the Court shall make an inquiry and shall after taking an account of the transactions between the parties pass an order declaring the amount, if any, still payable by the debtor to the money-lender, in respect of the principal and interest, if any. In taking accounts under this section the Court shall follow the provisions of sections 18 to 29 [and section 38A.] [These words, figures and letter were inserted by Bombay 57 of 1959, Section 5.]

31. Deposit in Court of money due to money-lender.

(1)At any time a debtor may tender to a money-lender any sum of money due from him to the money-lender in respect of a loan by way of principal interest or both.

(2)If the money-lender refuses to accept any sum so tendered, the debtor may deposit the said sum in Court to the account of the money-lender.

(3)The Court shall thereupon cause written notice of the deposit to be served on the money-lender, and he may, on presenting a petition stating the sum then due in respect of the loan, and his willingness to accept the said sum, receive and appropriate it first towards the interest and the residue if any towards the principal.

(4)When the money-lender does not accept the sum, the Court shall appropriate the said sum first towards the interest and the residue if any towards the principal.

31A. [ When interest to be paid for entire month. [Section 31A was inserted by Bombay 57 of 1959, Section 6] - Notwithstanding any agreement between the parties or any law for the time being in force, when a statement is delivered or pass book is supplied to a debtor under section 19 or if accounts are taken under section 30 or a tender is made by a debtor to a money-lender in respect of a loan under section 31 before the sixteenth day of a calendar month, the interest due shall be calculated as payable for fifteen days of the said month, and if the statement is delivered or pass book is supplied or accounts are taken or tender is made on any subsequent day, then for the entire calendar month irrespective of the fact that such statement is delivered or pass book is supplied or such accounts are taken or such tender is made on any such day.]

32. Entry of wrong sum in bond, etc., to be an offence.

(1)No money-lender shall take any promissory note, acknowledgement, bond or other writing which does not state the actual amount of the loan, or which states such amount wrongly or execute any instrument in which blanks are left to be filled after execution.

(2)Whoever contravenes the provisions of sub-section (1) shall, on conviction, be punishable with fine which may extend to [Rs. 5,000] [These letters and figures were substituted for the letters and figures 'Rs. 1,000' by Maharashtra 76 of 1975, Section 15.] or with imprisonment of either description which may extend to [two years] [These words were substituted for the words 'six months' by Maharashtra 76 of 1975, Section 15.] or with both.

32A. [ Penalty for making false statement. [Section 32A and 32B were inserted by Maharashtra 76 of 1975, Section 16.]

- Whoever in any document required by, or for the purpose of, any of the provisions of this Act, wilfully makes a statement in any material particulars knowing it to be false, shall, on conviction, be punished with imprisonment for a term which may extend to two years or with fine which may extend to five thousand rupees or with both.

32B. Penalty for obtaining licence under fictitious name, carrying on moneylending business without valid licence and entering into agreement in the course of money-lending business carried on under fictitious name.

- Whoever, -

(a)obtains a licence in the name which is not his true name or carries on the business of money-lending under the licence so obtained, or

(b)carries on the business of money-lending at any place without holding a valid licence authorizing him to carry on such business at such place, or

(c)enters into any agreement in the course of business of money-lending without a valid licence, or under a licence obtained in the name which is not his true name,

shall, on conviction, be punished, -

(i)for the first offence, with imprisonment of either description which may extend to one year or with fine which may extend to rupees one thousand and five hundred or with both, and

(ii)for the second or subsequent offence, in addition to, or in lieu of, the penalty specified in clause (i), with imprisonment which shall not be less than two years, where such person is not a company, and with fine which shall not be less than rupees five thousand, where such person is a company.]

33. Penalty for molestation.

(1)Whoever molests, or abets the molestation, of a debtor for the recovery of a debt due by him to a creditor shall, on conviction, be punishable with imprisonment of either description which may extend to three months or with fine which may extend to Rs. 500 or with both.Explanation. - For the purposes of this section a person who, with intent to cause another person to abstain from doing any act which he has a right to do or to do any act which he has a night to abstain from doing -

(a)obstructs or uses violence to or intimidates such other person, or

(b)persistently follows such other person from place to place or interferes with any property owned, or used by him or deprives him of, or hinders him in, the use thereof, or

(c)loiters near a house or other place where such other person resides or works or carries on business, or happens to be, or does any act calculated to annoy or intimidate such other person,

shall be deemed to molest such other person:Provided that a person who goes to such house or place in order merely to obtain or communicate information shall not be deemed to molest.[* * *] [Sub-section (2) was deleted by Bombay 7 of 1955, Section 3.]

34. General provision regarding penalties.

- Whoever fails to comply with or acts in contravention of any provision of this Act, shall, if no specific penalty has been provided for in this Act, be punishable -

(a)[ for the first offence with simple imprisonment which may extend to [one year] [Clauses (a) and (b) were substituted for the original clauses (a) to (c) by Bombay 57 of 1949, Section 7.] or with fine which may extend to [Rs. 5,000] [These letters and figures were substituted for the letters and figures 'Rs. 500' by Maharashtra 76 of 1975.] or with both, and

(b)for the second or subsequent offence with imprisonment of either description or which may extend to [two years or with fine which may extend to Rs. 1,000] [These letters and figures were substituted for the words 'six months or with fine', by Maharashtra 76 of 1975, Section 17(b).] or with both.]

35. Offences by Corporations etc.

- If the person contravening any of the provisions of this Act is an undivided Hindu family [* * *] [The words 'or a bank' were deleted by Bombay 13 of 1951, Section 12.] [or a company] [These words were inserted by Bombay 58 of 1948, Section 10.] or an unincorporated body, the person responsible for the management of the business of such family.[ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948.] company] or body shall be deemed to the guilty of such contravention.

35A. [ Certain offences to be cognizable. [This section was inserted by Bombay 7 of 1955, Section 4.]

- Notwithstanding anything contained in the Code of Criminal Procedure, 1898, offences punishable-

(a)under section 34 for contravening the provisions of section 5, and

(b)under section 33, shall be cognizable.]

35B. [ Cognizance of certain offences. [Sections 35B were inserted by Bombay 50 of 1959, Section 4(b).]

- No Court shall take cognizance of any offence punishable under section 34 for contravening the provisions of section 18 or section 19, expect with the previous sanction of the Registrar.

35C. [Compounding of certain offences.]

Deleted by Maharashtra 76 of 1975, Section 18.

36. Arrest and imprisonment in execution of decree for money, against agricultural debtors, abolished.

- Notwithstanding any law for the time being in force, no debtor who cultivates land personally and whose debts do not exceed Rs. 15,000 shall be arrested or imprisoned in execution of a decree for money passed in favour of a money-lender, whether before or after the date on which this Act comes into force.Explanation. - "To cultivate personally" has the meaning assigned to it in Bombay [clause (6) of section 2 of the Bombay Tenancy and Agricultural Lands Act, 1948] [This portion was substituted for the words, brackets and figures 'clause (11) of section 2 of the Bombay Tenancy Act, 1939' by Bombay 50 of 1959, Section 4(b).].

37. Every officer to be public servant.

- Every officer of the [Government] [This word was substituted for the word 'crown' by the Adaptation of Laws Order, 1950.] acting under the provisions of the Act shall be deemed to be public servant within the meaning of section 21 of the Indian Penal Code.

38. Provisions of Bombay [XXVIII of 1947] [These figures and word were substituted for the figures and word 'XXVIII of 1939' by Bombay 53 of 1949, Section 3, Second Schedule.] saved.

- Nothing in this Act shall affect any of the provisions of the Bombay Agricultural Debtors Relief Act, [1949] [These figures were substituted for the figures '1939' by Bombay 53 of 1949.] [or of any other law relating to relief of agricultural indebtedness in force corresponding to that Act] [These words were inserted by Bombay 50 of 1959, Section 4(r).], and no Court shall entertain or proceed under this Act with any suit or proceeding relating to any loan in respect of which debt adjustment proceedings can be taken under the said Act [or, as the case may be, the said law] [These words were inserted by Bombay 50 of 1959, Section 4(r).].

38A. [ Power of State Government to delegate its powers. [This section was inserted by Bombay 13 of 1951, Section 13.]

- The State Government may delegate to any officer any of the powers conferred on it by or under this Act.]

39. Rules.

(1)The [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government may make rules for carrying out the purposes rules of this Act.

(2)In particular and without prejudice to the generality of the foregoing provision, such rules may provide for all or any of the following matters:-

(a)the form of the register under section 4;

(b)[ the form of the application for a licence, the further particulars to be included therein and the manner of payment of licence fee under section 6] [This clause was substituted for the original by Bombay 58 of 1948, Section 11(i).];

(c)the form and conditions of the licence, [and the manner of payment of licence fee] [These words were substituted for the words 'the manner of payment of licence fee and the procedure for a summary enquiry' by Maharashtra 76 of 1975, section 19(a).] under section 7;

[* * *] [Clause (ca) was deleted by Maharashtra 20 of 1977, Section 6.]

(cb)[ the manner of publishing a notice under sub-section (4) of section 13B for inviting claims to property pledged with a money-lender;] [Clause (cb) was inserted by Maharashtra 76 of 1975, Section 19(b).]

(d)the form of cashbook and ledger and the manner in which they should be maintained under sub-section (1), and the other particulars to be prescribed under sub-section (4) of section 18;

(e)the form of the statement of accounts [and pass books] [These words were inserted by Bombay 57 of 1949, Section 8.] to be furnished [or delivered] [These words were inserted by Bombay 57 of 1949, Section 8.] and the date before which is to be furnished [or delivered] [These words were inserted by Bombay 57 of 1949, Section 8.] under sub-section (1), the fee to be paid under sub-section (2), and the sum of expenses to be paid under sub-section (3) of section 19;

(ee)[ the rates at which and the manner in which fees may be recovered under section 19A;] [This clause was inserted by Bombay 58 of 1948, Section 11(ii).]

(f)the form of application and the fee to be paid under sub-section (1) of section 30;

(g)any other matter which is or may be prescribed under this Act or any matter for which there is no provision or insufficient provision in this Act and for which provision is, in the opinion of the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government, necessary for giving effect to the provisions of this Act.

(3)The rules made under this section shall subject to the conditions of previous publication, be published in Official Gazette.

(4)The rules made under this section shall be laid before each [House] [The words 'House' and 'Houses' were substituted for the words, 'Chamber' and 'Chambers' respectively by the Adaptation of Laws Order, 1950.] of the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Legislature at the session thereof next following and shall be liable to be modified or rescinded by a resolution in which both [Houses] [The words 'House' and 'Houses' were substituted for the words, 'Chamber' and 'Chambers' respectively by the Adaptation of Laws Order, 1950.] concur and such rule shall, after notification in the Official Gazette, be deemed to have been modified or rescinded accordingly.

40. [ Repeal and savings. [Section 40 was inserted by Bombay 50 of 1959, Section 4(s).]

- On the commencement of this Act in that part of the State to which it is extended by the Bombay Money-lenders (Unification and Amendment) Act, 1959, the Central Provinces and Berar Money-lenders Act, 1934 and the Central Provinces and Berar Protection of Debtors Act, 1937 in their application to the Vidarbha region of the State, the Money-lenders Act, 1949 Fasli and the Hyderabad Money-lenders Validity of Licenses Act, 1956 in their application to the Hyderabad area of the State and the Bombay Money-lenders Act, 1946 as applied to the Kutch area of the State shall be repealed:Provided that the repeal of any of the Acts shall not affect-

(a)the previous operation of any Act so repealed or anything duly done or suffered thereunder;

(b)any right, privilege, obligation or liability acquired, accrued or incurred under any Act so repealed; or

(c)any penalty, forfeiture or punishment incurred in respect of any offence committed against any Act so repealed; or

(d)any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid,

and any such investigation Legal proceeding or remedy may be instituted, continued or enforced, and any such penalty, forfeiture or punishment may be imposed as if the Bombay Money-lenders (Unification and Amendment) Act, 1959 had not been passed:Provided further that, subject to the preceding proviso, anything done or any action taken (including rules, delegations and authorisations made, registers maintained, registration certificates and licences granted and notification issued) under a provision of any Act so repealed shall, in so far as it is not inconsistent with any of the provision of this Act, be deemed to have done or taken under the corresponding provision of this Act, and shall continue to be in force accordingly, unless and until altered, amended, or superseded by anything done or any action taken under this Act.][* * *] [The existing Schedule was deleted by Maharashtra 76 of 1975, Section 20.]NotificationsG.N., A. & C.D., No. MLA. 2075/967/2-C, dated 29th July, 1976 (M.G., Part IV-B, page 947) - In exercise of the powers conferred by sub-section (2) of section 1 of the Bombay Money-lenders (Amendment) Act, 1975 (Maharashtra LXXVI of 1975), the Government of Maharashtra hereby appoints the 29th day of July 1976, to be the date on which the said Act shall come into force.G.N., A. & C.D., No. MLA. 1476/3749/7-c(a), dated 28th July, 1977 (M.G., Part IV-B, page 676) - In exercise of the powers conferred by sub-section (2) of section 1 of the Bombay Money-lenders (Amendment) Act, 1977 (Maharashtra XX of 1977), the Government of Maharashtra hereby appoints the 28th day of July 1977, to be the date of which the said Act shall come into force.G.N., I. & C.D., No. MLA. 4659/156493-mwh, dated 23rd November, 1959 (B.G., Part IV-B, page 1586) - In exercise of the powers conferred by sub-section (3) of section 1 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Bombay hereby appoints the 1st day of February, 1960 to be the date on which the said Act shall come into force in that part of the State of Bombay to which the said Act is extended by the Bombay Money-lenders (Unification and Amendment) Act, 1959 (Bombay L of 1959).G.N., A. & C.D., No. MLA. 1479/26524/262/7-C, dated 12th July, 1979 (M.G., Part, IV-B, page 1394) - Whereas, the State Government is empowered under paragraph (v) of clause (10) of section 2 of the Bombay Money-Lenders Act, 1946 (Bombay XXXI of 1947) to specify any financial institution for the purposes of the said Clause (10);And whereas, the Housing Development Finance Corporation Limited, a company incorporated under the Indian Companies Act, 1956 (I of 1956) and having its registered office at Ramon House, 169, Backbay Reclamation, Bombay 400 020 is financial institution for the purposes of the said Clause (10);Now, therefore, in exercise of the powers conferred by paragraph (v) of clause (10) of section 2 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby specifies the Housing Development Finance Corporation Limited for the purposes of Clause (10) of the said Section 2.G.N., C. & T.D., No. MLA. 1591/1239/CR-558/7-C, dated 17th December, 1992 (M.G., Part IV-B, page 4) - Whereas, the State Government is empowered under paragraph (v) of clause (10) of section 2 of the Bombay Money-Lenders Act, 1946 (Bombay XXXI of 1947) to specify any financial institution for the purposes of the said clause (10);And whereas, the Dewan Housing Development Finance Corporation Limited a Company incorporated under the Indian Companies Act, 1956 having its registered office in the State of Maharashtra at Warden House, 2nd Floor, Sir P.M. Road, Fort, Bombay 400 023, is a financial institution for the purposes of the said clause (10);Now, therefore, in exercise of the powers conferred by paragraph (v) of clause (10) of section 2 of the Bombay Money Lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby specifies the Dewan Housing Development Finance Corporation Limited, for the purpose of clause (10) of the said section 2, for a period of three years from the date of this order, subject to the following conditions:-That the organisation shall comply with the provisions of section 19 of the said Act.G.N., C. & R.D.D., No. CSG. 2461/4223-3, dated 20th February, 1961 (M.G., Part IV-B, page 242) - In exercise of the powers conferred by section 3 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), and in supersession of all previous notifications or orders issued in this behalf and in force in any part of the State of Maharashtra, the Government of Maharashtra hereby -

(a)appoints the persons specified in column 1 of the schedule hereto annexed to be a Registrar General, Registrars or Assistant Registrars of Money-lenders as indicated in column 2 of that schedule, and

(b)defines the areas, respectively, specified against them in column 3 of the said schedule to be the areas within which each of them shall exercise his powers and perform his duties.

Schedule

Serial No.	Person	Office to which appointed	Area
(1)	(2)	(3)	(4)
1	[The Joint Registrar of Co-operative Societies(Administration, HeadOffice, Poona) [Substituted by G. N. of 17-10-1973.]	The Registrar General of Money-lenders	Whole of the State of Maharashtra]
2	The Joint Registrar, Co-operative Societiesin-charge of a Division	Registrar of Money-lenders	Areas co-extensive with the area of hisjurisdiction as Joint Registrar, Co-operative Societies.
3	The Deputy Registrar, Co-operative Societiesin-charge of districts.	Registrar of Money-lenders	Areas co-extensive with the areas of hisjurisdiction as Deputy Registrar, Co-operative Societies.
[3A [Inserted by G. N. of 3-3-1971.]	The Deputy Registrar, Co-operative Societies(Consumers), Bombay.	Registrar of Money-lenders	Greater Bombay.]
4	Assistant Registrar, Co-operative Societies.	Assistant Registrar of Money-lenders AssistantRegistrar of Co-operative Societies.	Area co-extensive with the areas of hisjurisdiction as

G.N., A. & C.D., No. MLA. 1181/23932/7-C, dated 4th July, 1981 (M.G., Part IV-B page 1552) - In exercise of the powers conferred by section 3 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), and in supersession of all previous notifications or orders issued in this behalf and in force in any part of the State of Maharashtra the Government of Maharashtra hereby -

(a)appoints the persons specified in column 2 of the Schedule hereto annexed to be a Registrar General, Registrars or Assistant Registrar of Money-lenders as specified in column 3 of that Schedule, and

(b)defines the areas, respectively, specified against them in column 4 of the said Schedule to be the areas within which each of them shall exercise his powers and perform his duties.

Schedule 2

Serial No.	Person	Office to which appointed	Area
(1)	(2)	(3)	(4)
1	Additional Registrar of Co-operative Societies(Finance), Maharashtra State, Pune.	The Registrar General of Money-lenders	Whole of the State of Maharashtra.
2	Divisional Joint Registrar of Co-operativeSocieties in-charge of a Division.	The Registrar of Money-lenders.	Areas co-extensive with the Areas of hisjurisdiction as Divisional Joint Registrar of Co-operativeSocieties.
3	District Deputy Registrar of Co-operativeSocieties, in-charge of District.	The Registrar of Money-lenders.	Areas co-extensive with the areas of jurisdictionas District Deputy Registrar of Co-operative Societies.
[4 [Substituted by G. N. of 23-2-1983.]	Deputy Registrar or Assistant RegistrarCo-operative Societies in charge of Taluka including AssistantRegistrar of Co-operative Societies (Tribal Sub-Plan) andMunicipal Ward in Greater Bombay.	Assistant Registrar of of Money-lenders.	Area Co-extensive with the area of jurisdiction asDeputy Registrar or Assistant Registrar of Co-operativeSocieties or Assistant Registrar of Co-operative Societies(Tribal Sub-Plan) or Municipal Ward in Greater Bombay.]

G.N., A. & C.D., No. MLA. 1478/9313/7-c, dated 10th June, 1980 (M.G., Part IV-B, page 441) - In exercise of the powers conferred by section 13 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby authorises the Deputy Registrars of Co-operative Societies (Tribal Sub-Plan) and the Project Officers, Integrated Tribal Development Projects to exercise the powers under the said section within their respective jurisdictions.G.N., D.D., No. MLA. 2152, dated 5th November, 1952 (B.G., Part IV-B, page 1471) - In exercise of the powers conferred by section 13-A of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Bombay is pleased to authorise the Assistant Marketing Officer and Marketing Inspectors to exercise the powers under the said section within their respective jurisdictions.G.N., I. & C.D., No. MLA. 1256/58956-C, dated 12th October, 1957 (B.G., Part IV-B, page 2045) - In exercise of the powers conferred by section 13-A of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), and in supersession of the orders issued under Government Notification, Revenue Department, No. 239349, dated the 4th August, 1949, in this behalf, the Government of Bombay is pleased to authorise the Inspectors under the Registrars and Assistant Registrars of Money-lenders to exercise the powers under the said section within their respective jurisdictions.G.N., C. & R.D.D., No. CSF. 2461/6774-3, dated 20th February, 1961 (M.G., Part IV-B, page 242) - In exercise of the powers conferred by section 13-A of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby authorises the Co-operative Officer and the Assistant Co-operative Officer for the purpose of the said section 13-A.G.N., D.D., No. MLA. 1555/4741, dated 26th February, 1955 (B.G., Part I, page 959) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Bombay is pleased to exempt the Phaltan Sugar Works Ltd., Sakharwadi, district North Satara, from the operation of sections 18 to 21 of the said Act.G.N., D.D., No. MLA. 1655/96614, dated 25th November, 1955 (B.G., Part I, Page 5712) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Bombay is pleased to exempt the Kolhapur District Bombay Government Servants Welfare Fund, Kolhapur from the operation of sections 18 to 21 of the said Act.G.N., D.D., No. MLA. 1555/12839-C, dated 7th February 1956 (B.G., Part I, page 780) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Bombay is pleased to exempt the Trust of India Housing Society Ltd., 6, Budhwar Peth, Laxmi Road, Poona-2, from the operation of sections 18 to 21 of the said Act.G.N., A. & C.D., No. MLA. 1069/18727/C-4, dated 3rd February, 1971 (M.G., Part IV-B, page 381) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the new Shorrock Spinning and Manufacturing Company Limited, from the operation of Sections 18 to 21 of the said Act, for a period of three years commencing from the date of publication of this notification in the Official Gazette.G.N., I. & C.D., No. MLA. 1257/57298-MWH, dated 11th August, 1958 (B.G., Part IV-B, page 830) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Bombay is pleased to exempt the Refinance Corporation for Industries Private Limited, Bombay, from the operation of sections 18 to 21 of the said Act.G.N., C. & R.D.D., No. MLA. 1162/61028-g, dated 20th December, 1962 (M.G., Part IV-13, page 3171) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946, the Government of Maharashtra is pleased to exempt the Maratha Self-Help Fund Limited, Girgaon, Bombay 4, from the operation of the provisions of sections 18 to 21 of the said Act for the period the said concern issue holds license under the Bombay Money-lenders Act, 1946.G.N., C. & R.D.D., No. MLA. 1362/58721-(Co-op.)-G, dated 27th April, 1963 (M.G., Part IV-B, page 475) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946. the Government of Maharashtra is pleased to exempt the Vinod Shashank Chakar Private Limited, Bombay, from the operation of the provisions of sections 18 to 21 of the said Act.G.N., A. & C.D., No. MLA. 1037/3814/c-4, dated 3rd March, 1967 (M.G., Part IV-B, page 286) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts Chitale Agricultural Products Limited, Chitalenagar, District Sholapur, from the operation of sections 18 to 21 of the said Act.G.N., A. & C.D., No. MLA. 1066/28041-C-4, dated 14th February, 1967 (M.G., Part IV-B, page 179) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Sassoon Spinning and Weaving Company Limited, Mafatlal House, Backbay Reclamation, Bombay-1, from the operation of sections 18 to 21 of the said Act.G.N., A. & C.D., No, MLA. 1770/16385-C-4, dated 30th September, 1970 (M.G., Part IV-B, page 1439) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Hind Finance Industries and Investment Limited, Nagpur from the operation of sections 18 to 21 of the said Act, for a period of three years commencing from the date of publication of this notification in the Official Gazette.G.N., A. & C.D., No. MLA. 1773/25312-C-4 dated 31st July, 1973 (M.G., Part IV-B, page 1522) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Pransukhlal and Company Limited, Bombay-1, from the operation of sections 18 to 21 of the said Act, for the period ending 15th July 1976.G.N., A. & C.D., No, MLA. 1773/35635-C-4, dated 11th September, 1973 (M.G., Part IV-B, page 1652) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts The Hind Finance Industries and Investment Limited, Nagpur from the operation of sections 18 to 21 of the said Act, for a period of three years with effect from the 1st October, 1973.G.N., A. & C. D., No. MLA. 1773/29368-C-4, dated 11th September, 1973(M.G., Part IV-B, page 1652) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts The Walchandnagar Industries Limited, from the operation of sections 18 to 21 of the said Act, for a period of three years with effect from the 24th September, 1973.GN., A. & C.D., No. MLA. 1773/28013-C-4, dated 11th September, 1973 (M.G., Part IV-B, page 1653) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Indian Hume Pipe Company Limited, Bombay, from the operation of sections 18 to 21 of the said Act, for the period ending on the 10th June, 1976.G.N., A. & C.D., No. MLA. 1773/28368-C-4 dated 11th September, 1973 (M. G., Part IV-B, page 1654) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Ravalgaon Sugar Farm Limited, from the operation of sections 18 to 21 of the said Act, for the period ending on the 11th June 1976.G.N., A. & C.D., No. MLA. 1773/28875-C-4, dated 11th September, 1973 (M. G., Part IV-B, page 1654) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts Standard Mills Company Limited, Bombay, from the operation of sections 18 to 21 of the said Act, for the period of three years with effect from the 15th October, 1971G.N., A. & C. D., No. MLA. 1773/28012-C-4, dated 11th September, 1973 (M. G., Part IV-B, page 1655) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946, (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Cooper Engineering Limited, Bombay, from the operation of sections 18 to 21 of the said Act, for a period ending on the 10th June 1976.G.N., A. & C. D., No. MLA. 1773/28369-C-4, dated 11th September, 1973 (M. G., Part IV-B, page 1656) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Hindustan Construction Company, Limited, Bombay, from the operation of sections 18 to 21 of the said Act, for a period ending on the 5th June, 1976.G.N., A. & C. D., No. MLA. 1773/28014-C-4, dated 11th September, 1973 (M. G., Part IV-B, page 1656) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Premier Construction Company, Limited, Bombay-1, from the operation of sections 18 to 21 of the said Act for the period ending on the 11th June 1976.G.N., A. & C. D., No. MLA. 1776/38856-2-C, dated 12th January, 1977 (M. G., Part IV-B, page 83) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Standard Mills Company Limited, Bombay from the operation of sections 18 to 21 of the said Act, for a period of three years with effect from the 15th October, 1976.G.N., A. & C. D., No. MLA. 1776/9864/2-C, dated 27th January, 1977 (M. G., Part IV-B, page 106) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Cooper Engineering Limited, Bombay from the operation of sections 18 to 21 of the said Act, for a period of three years from 11th June, 1976 to 10th June, 1979.G.N., A. & C. D., No. MLA. 1475/9709-2-C dated 3rd June, 1977 (M. G., Part IV-B, page 507) - In exercise of the powers conferred by section 22 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), the Government of Maharashtra hereby exempts the Hind Finance Industries and Investment Limited, Nagpur, from the operation of sections 18 to 21 of the said Act, for a period of three years with effect [from 1st October, 1976 to 30th September, 1979] [Corrected by Corrig. 18-1-1980.].G.N., I. & C. D., No. MLA. 1060/32096-MSC dated 19th April, 1960 (M. G., Part IV-B, page 525) - In exercise of the powers conferred by sub-section (1) of section 25 of the Bombay Moneylenders Act, 1946 (Bombay XXXI of 1947), as amended by the Bombay Money-lenders (Unification and Amendment) Act, 1959 (Bombay L of 1959), and in supersession of Government Notification, Development Department, No. MLA. 1252, dated 5th July 1952, the Government of Bombay is pleased to fix [for the whole of the State of Maharashtra, the following maximum rates of interest for the business of advancing loans to any agriculturists, namely:-] [Substituted by G. N. of 28-12-1965.]

(i)Nine per cent, per annum in respect of secured loans.

(ii)Twelve per cent, per annum in respect of unsecured loans:

Provided that if in respect of any loans advanced by a money-lender to a debtor during any year the total amount of interest payable thereon is less than one rupee, it shall be lawful for the money-lender to charge to the debtor one rupee by way of interest in respect of such loans.G. N., & C. D., No. MLA. 1864/56878-C-(4) dated 28th December, 1965 (M. G., 1966 Part IV-B, page 2) - In exercise of the powers conferred by sub-section (1) of section 25 of the Bombay Money-lenders Act, 1946 (Bombay XXXI of 1947), and in modification of the Government of Bombay, Industries and Co-operation Department, Notification No. MLA.1060/32096-MSC, dated the 19th April, 1960, the Government of Maharashtra hereby fixes for the whole of the State of Maharashtra the following maximum rates of interest for the business of advancing loans to any person other than an agriculturist, namely :-

(i)[eighteen per cent] [Substituted by G. N. 25-9-1974.] per annum, in respect of secured loans;

(ii)[twenty one per cent] [Substituted by G. N. 25-9-1974.] per annum, in respect of unsecured loans:

Provided that, in respect of any loans advanced by a money-lender to a debtor during any year the total amount of interest payable thereon is less than one rupee, it shall be lawful for the moneylender to charge to the debtor one rupee- by way of interest in respect of such loans.

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