( 1) Any debtor may make an application at any time to the competent Court, whether the loan 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 hearing of the application or on such date to which the hearinqrnay be adjourned, from time to time, the Court shall . make an inquiry and shall, after taking any 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 24 to 35 and section 38.
Deposit in Court 37. ( 1) A debtor may at any time tender to a money-lender any sum of money due of money due to from him to the money-lender in respect of a loan by way of principal, money-lenders. interest or both.
Inquiry for taking accounts and declaring amount due.
Calculation of interest.
Penalty for doing money lending without valid licence.
Penalty for making false statement.
Obtaining licence under fictitious name, carrying on money-lending at a place not mentioned in licence, etc.
• ;
(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.
38. Notwithstanding any agreement between the parties or any law for the time being in force, when pass book is supplied under section 24 or the statement is delivered to the debtor under section 25 or if the accounts are taken under section 36 or a tender is made by debtor to a money-lender in respect of a loan under section 37 on any day of the calendar month, the interest due shall be calculated as payable upto the actual date of repayment irrespective of the fact that such statement is delivered or pass book is supplied or such accounts are taken on any day of the calendar month.
39. Whoever carries on the business of money-lending without obtaining a valid licence, shall, on conviction, be punished with imprisonment of either description for a term which may extend to five years or with fine which may extend to five lakh rupees or with both.
1 ;;
40. Whoever in an application for grant of licence or renewal of licence, or in any document required by, or for the purpose of, any of the provisions of this Act willfully makes a statement in any material particulars knowing it to be false, shall, on conviction, be.punished with imprisonment of either description for a term which may extend to five years or with fine which may extend to five lakh rupees or with both.
41. 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 not mentioned in the licence authorizing him to carry on such business; 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,- The Arunachal Pradesh Extraordinary Gazette, May 9, 2018 13
42.
· (i) for the first offence with imprisonment of either description which may extend to five years or with fine which may extend to rupees five lakh or with both, and
(ii) for the second subsequent offence, in addition to or in lieu of, the penalty specified in clause (i), with imprisonment of either description which shall not be less than five years, where such person is not a company, and with fine which shall not be less than rupees five lakh, where such person is a company.
Whoever contravenes the provisions of section 23 shall, on conviction, be punished with fine which may extend to five lakh rupees or with imprisonment of either description which may extend to five years or with both.
Penalty for wrong entry in promissory note, Bond etc.
43. Whoever contravenes the provisions of section 24 or 25 shall, on conviction, be Penalty for punished with fine which may extend to five lakh rupees. contravention of section 24 or 25.
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44. Whoever charges or recovers interest in contravention of Section 31 shall on conviction be punished with fine which many extend to five lakh rupees, if it is first offence and with fine up to five lakh rupees, for the second or subsequent offence.
Penalty for charging rate of interest in contravention of section 31.
45. Whoever molests, or abets the molestation, of a debtor for the recovery of a Penalty for debt due by him to money-lender shall, on conviction, be punished with molestation.
imprisonment of either description which may extend to five years or with fine which may extend to five lakh rupees, or with both.
Provided that a person who goes to such house or place in order merely to obtain or communicate information shall not be deemed to have molestated for the purpose of this section.
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 right 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.
Whoever fails to comply with or acts in contravention of any provision of this General Act, shall, if no specific penalty has been provided for in this Act, be punishable,- provisions regarding penalties.
46.
(a) for the first offence with imprisonment of either description which may extend to five years or with fine which may extend to five lakh rupees, or with both ; and
47.
(b) for the second or subsequent offence, with imprisonment of either description which may extend to five years or with fine which may extend to five lakh rupees, or with both.
If the person contravening any of the provisions of this Act is an undivided Hindu family or a company or an unincorporated body, the person responsible for the management of the business of such family, company or body shall be deemed to be guilty of such contravention.
Notwithstanding anything contained in the Code of Criminal Procedure, 1973, offence punishable under,-
(a) sections 39 and 41, for contravening provisions of section 4, and
(b) section 42, for contravening provisions of section 23, and
(c) . section 45, for molestation, shall be cognizable.
Notwithstanding anything contained in any other law for the time being in force, no debtor who cultivates land personally and whose debts does not exceed fifteen thousand rupees 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.
48.
49.
Offences by corporations etc.
2 of 1974.
Certain offences to be cognizable.
No arrest and imprisonment in execution of decree for money against agricultural debtors.
14 The Arunachal Pradesh Extraordinary Gazette, May 9, 2018 45 of 1860.
Every officer to be public servant.
50. Every officer of the Government acting under the provisions of this Act shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code.
Protection of 51.
action taken in good faith.
No suit, prosecution or other legal proceedings shall lie against the Registrar General, or any authority for anything done or purported to have been done in good faith in pursuance of the provisions of this Act or the rules made thereunder.
Power of State Government to delegate its powers.
Power to make Rules.
Power to remove difficulty.
52. The State Government may, by notification in the Official Gazette, delegate to any officer any of the powers conferred on it by or under this Act.