(1) This Regulation may be called the Andaman and Nicobar Islands Money-lenders Regulation, 1956.
Short title, extent and commencement.(2) It extends to the whole of the Andaman and Nicobar Islands
(3) It shall come into force on such date as the Chief Commis sioner may, by notification in the Official Gazette, appoint.
2. In this Regulation, unless the context otherwise requires,—
(a) 'bank' means a banking company as defined in the Banking Companies Act, 1949;
Definitions.
10 of 1949.
(b) 'Chief Commissioner' means the Chief Commissioner of the Andaman and Nicobar Islands;
(435) 4 3 6 THE GAZETTE OF INDIA EXTRAORDINARY |PART II
(c) 'company' means a company as denned in the Indian Companies Act, 1913, and includes any company formed and registered outside India;
7 of 1913
(d) co-operative society means a co-operative society registered under the Co-operative Societies Act, 1912, or under any other law for the time being in force in any State for the registration of co-operative societies;
2 of I9i2.
(e) 'court' includes a court acting in the exercise of insolvency jurisdiction;
(f) 'interest' includes any sum, by whatsoever name called, paid or payable in excess of the principal to a lender in consideration of, or otherwise in respect of, a loan 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 a lender in accordance with the provisions of this Regulation or any other law for the time being in force for or on account of costs, charges, or expenses;
(g) 'Islands' means the Andaman and Nicobar Islands;
(h) 'licence' means a licence granted under this Regulation;
(i) 'loan' means an advance, whether of money or in kind, at interest made by a money-lender and includes any transaction which, in the opinion of the court, is in substance a loan, but it shall not include—
(i) a deposit of money or other property in a Government Post Office Savings Bank or any other bank, or with a company, or with a co-operative society, or with any employer as security from his employee;
(ii) a loan to, or by, or a deposit with, any society or association registered under the Societies Registration Act, 1860, or under any other law relating to public, religious or charitable trusts;
2i of i860.
(Hi) a loan advanced by, or to, Government, or any local authority;
(iv) a loan advanced by a co-operative society;
(v) an advance made to a subscriber to, or a depositor m, a Provident Fund from the amount standing to his credit in the Fund in accordance with the rules of the Fund;
(vi) a loan to, or by, an insurance company as defined in the Insurance Act, 1938;
(vii) a loan to, or by, a bank;
4 of 193 8.
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(viii) an advance made on the basis of a negotiable instrument as denned in the Negotiable Instruments Act, 1881, other than a promissory note;26 of i88li
(ix) a mere supply of goods on credit which is not accompanied by a bond bearing interest executed in respect of the supply of such goods on credit;
(j) 'money-lender' means a person other than a bank,—
(i) who carries on the business of money-lending in the Islands, or
(ii) who has a place of such business in the Islands, and includes a pawn-broker;
(fc) 'money-lending business' or 'business of money-lending' means the business of advancing loans either solely or in common with any other business;
(I) 'pawn-broker' means a person who carries on the business of taking goods and chattels in pawn for a loan;
(m) 'pawnor' means a person delivering an article for pawn to a pawn-broker;
(n) 'prescribed' means prescribed by rules made by the Chief Commissioner under this Regulation;
(o) 'principal' in relation to a loan means the amount actually lent to the debtor;
(p) 'Provident Fund' means a Provident Fund as defined in the Provident Funds Act, 1925, and includes a Government Provident Fund and a Railway Provident Fund as denned in that Act;
19 of 1925.
(q) 'register' means the register of money-lenders maintained under sub-section (1) of section 4;
(r) 'Registrar General' and 'Registrar' mean respectively the Registrar General and Registrar of Money-lenders appointed under section 3;
(s) 'secured loan' means a loan for which the money-lender holds a mortgage, charge or lien on the property of the debtor or any part thereof as a security for that loan;
(t) 'unsecured loan' means any loan other than a secured loan; and
(u) 'year' means a financial year.
438 THE GAZETTE OF INDIA EXTRAORDINARY [PART II
CHAPTER II REGISTRATION OF MONEY-LENDERS
3. There shall be a Registrar General of Money-lenders and a Registrar of Money-lenders in the Islands for the purpose of this Regulation who shall be appointed by the Chief Commissioner by notification in the Official Gazette.
Appointment of Registrar General and Registrar.
4, (i) The Registrar shall maintain in such form as may be prescribed, a register of money-lenders holding licences under this Regulation.
Register of moneylenders.
(2) The register maintained under sub-section (1) shall be deemed to be a public document within the meaning of the Indian Evidence Act, 1872. i of 1872.