I MINISTRY OF RQBSB AFFA1BS NOTIFICATION New Delhi, the 23rd March 1950 G.S.R. 373.—-In. exercise of the powers conferred by section 2 oi the Union
1terriiori.es (Laws) Act, 1950 (30 ox 1950), the Central Government hereby extends to the Union terr i tory of Tripura, the Bombay Money-lenders Act. 1946 (Bombay Act No. X X X I of 1947), as at present in force in the State of Bombay, subject to the following modifications, namely:— Modifications
1. Throughout the Act—
(a) for the words "State Government", the words "Chief Commissioner of T r ipu ra" shall be substituted;
(b) for the word "State '(except, where it occurs in the, expression 'State Government ') '5 , the words "Union terr i tory" shall be substituted;
(c) for the words "Official Gazette", the words "Tripura Gazette" shall be subst i tuted. ~~ y C
2. In section 1-— Xa) for sub-section (2), the following sub-section shall be substituted namely— "(2) It extends to the whole of the Union terri tory of Tripura";
(b) sub-section (3) shall be omitted.
3. In section 2— '< <
(a) for clause (5), the following clause, shall be substituted, namely:— ",(5); 'co-operative society* means a society registered or deemed to have been registered under the law relating to co-operative societies in force in Tr ipura or any such law in ' force elsewliere in the terr i tory of India;"
(b) the Explanat ion to .sub-clause (g) of clause (9) shall be omitted;
(c) for clause (13)-, t he following clause shall be substituted, namely:— " 'Union territory9 means the Union terr i tory of Tripura;";
(d) for clause (13-A), the following clause shall be substituted, namely;— "(13-A).' "recognised language' means English, Bengali or Hindi;".
4. In sub-clause (iii) of clause (a) of sub-section (2) of section 6 the words and letter "except P a r t B States" shall be omitted.
5. In section 9, for the word "July", the word "March" shall be substituted.
6. (aX In clause (b) of sub-section (5) of section 10. the following shall be omitted, namely:— ' e "or a manager of an estate taken under management under the Broach and ¥^S,f N u m b e r e d Estates Act, 1831 or the Gujarat Talukdars Act A Sh)J& s a i » c ' icl?,uf^ ± h e . ™ ° r d s a n d f i £ ' u r e s " t h e Presidency towns Insolvency Act. 1G'09, or shall be omitted. J
7. In section 26. for the words "registration of documents and other usual out-of-pocket expenses", t he words "and registration of documents" and for the word* "charges or expenses", t h e words "or charges" shall be substituted.
8. The Explanat ion to section 36 shall be omitted.
9. Section 30 shall be omitted.
10. Section 38-A shall be renumbered as section 38 and in thp section s i ^ renumbered, for the w o r d "it" the word "him" shall be substituted. '
11. Sub-section (4) of section 39 shall be omitted.
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i AHKEKURE T H r . BOMBAY MONEY-LENDERS ACT. 3&-4G AS EXTENDED TO THE UNION TERRITORY OF TRJPtJRA BOMBAY ACT KG. XXXI or lfM7 THE BOMBAY MONEY-LENDERE ACT. HA.;
An, Aci to rcf/«2-fltc the transactions of money-lending in the Province of Born'opy.
Whereas i1 is expedient to make- bet ter provision for the regulation and control of transactions of money-lending in the Province of Bombay;
II' is hereby enacted as follows;—
1. Sliori vile, extent and cGHLm.ciiceme^.v.—(1). This Act may be called the Bombay Money-lenders Act, 1946.
(2) It extends to the whole of the Union terr i tory of Tripura.
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 C o m p a n i e s ^ , , Act, 1949 (X of 1949);
(2) "business of money-leading" means the- business of advancing loans whether or not m 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 Indian Companies Act, 1913 (VII of 1913). or formed in pursuance of an Act of Parl iament • of the United Kingdom or by Royal Charter or ,Let ters Patent, or by an Act of the Legislature of a British Possession;
(5) "Co-operative society" means a society registered or' deemed to_ have been registered under the law relat ing to co-operative societies in force in Tr ipura or 'any such lav/ in force elsewhere in the terri tory of India: *
(6) "interest" includes any sum, by whatsoever name called, in excess of -.;. , \ the principal paid or payable to a money-lender in consideration of \ ri > -, "-'• o r 'o therwise in respect of a loan, but does not include any-sum law- 0 •-.. ' V T fully charged by a money-lender for or on account of costs, charges*^ or expenses in accordance wi th the provisions of this Act, or any ' other law for the time being 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 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;
rial a ' l o a n to or by, or a deposit with any society or association resfstered under the Societies Registration Act, I860 (XXI of 1860), or any other enactment relat ing to a public, religious or charitable object; . - - (c) a loan advanced by Government or by any local authori ty authorised by Government ;
(d) a loan advanced by 'a co-operative society;
fdl") an advance made to a subscriber to, or a depositor in, a Provident Fund from the amount standing to his credit m the fund m accordance wi th the rules of the fund;
(cm 2 loan to or by .an insurance .company as denned in the Insurance Act, 1938 (VI of 193B);
(e)- a loan to, or by a bank; ' A m an advance made on the basis of a negotiable instrument as defined W w ^ the Negotiable Ins t ruments Act, 1881 (XXVI of 1881), other than a promissory note;
(e) except for the purposes of sections 23 and 25,—
(i) a loan to a t rader ;
(ii) a loan to a money-lender who holds a valid licence; or . -Cffl &SSi ? .
W . b y L 3 a i l d t l o r d t 0 Ws tenant for financing of crocs or s«>«m«i W e . of not more than Rs. 50 per acre*of lanT h e l V o ? The
(iii) a loan, by a tena ~~ i ia- ou fJ"r i.cre ot JancI held
(10) "Money-lender" means
(i) an individual, or
(ii) an undivided Hindu family, or
(iii) * ~ * " * (liia) a company, or
(iv) an unincorporated body of individuals, who or w h i c h - (ID - p r a o i W means prescribed by rules made under (his Art;
(12) "principal" means in relation to a ln-m +h -,,, , „ to the debtor; i L J « " i ^ to a loan the amount actually advanced < 1 2 A ) v i d ^ r S r i d s F S : S S H & t g ^ * » a % d e f i - d *P « « Pro- Provident Fund and a * f ^ ^ ' S L S ^ S ^ ^ S P S S (133> "Union territory"' means the Union territory of Trroura- 1JAJ recognised language" means English, Bengali or Hindi
(14) register means a register of money-lenders maintained under section
(15) "rules" means rules made, under this Act-
(17) "suit to which this Act applies" means any suit or proceeding- U ) f0corne es m t o l o l c e f * * " ^ " * « t h e d a t e ° n " * * * this Act any loan made either before or after"Thef said° da t e ' o r P@0t ° f
(c) for the redemption of any security given after the ' date ™ «,w„i
(18) "trader" means a person who in the regular rnnrw «f K „ , ; „ . I and S S H E S 8 ° r ° t h e r P r ° P e r t y > * ^ £ ^ < * T S ^ a. wholesale or retail merchant, a commission agent, a broker, a manufacturer, a contractor, a factory owner, S 8 « ^ ^ i Z S f Z ^ J f ^ l ^ J 1 ^ ^ ^ « * * » or w h o ' ^ o ^ a n "artisan" means a person One, day of the twelve ^ S i S i S & i S ^ d S r ' ' ' ' ' ' ' ^ 1 1 ^ Pt°^S o n a n y appoint such persons, whether ffilic officers or nit T ^ i ^ l T ? p U ) f a G a z e t t e ' Registrar General, Registrars and S a f f i T s ^ S a r t 2 r n o ^ C S 1° b?i a purposes of this Act and may define the arel - S , W ?Sey- lenders for the shall exercise his powers and perform f l f d u f e . S a d l S U c h ° f f i c e r
4. Register of money-lenders.—Everv Assistant "Rcn-icf.-n,, i n - , .
S f c S o n S b u s i e s of money.-lendingexcept i n . t h e e « ^ O T a ^ S i S w S 5 been granted a licence and except in accordance with the teims and conditions of such licence. ,. . , R AUDlicaition for licence—(1) Every money-lender shall aiuuialJy beiorc following particulars, namely:—
(a) the name in which such money-lender intends to carryon business ™ the name of the person proposed to be responsible 101 me m a u ^ c ment of the business;
(b) if the application is by or on behalf of—
(i) an individual, the name and address of such individual,
(ii) an undivided Hindu family, the names and addresses of the. manager^. .
and the adult coparceners of such family,
(hi) a company, the names and addresses of the directors, manager or principal officer managing it,
(iv) an unincorporated body of individuals, the names and addresses of such individuals; ,
(c) the area and the place or principal place of the business of moneylending in the Union territory;
(d) the name of any other place in ^ e U n r n t o t o y ^ ^ b u s i n e s s or anv othlr personT and whether in the same or any other name; ^*- m the total amount of the capital which such person _ intends to invest. ( f ) & L % l S S o f m o n e y - l l n d i n g in the year fo r which the application firt i f ^ r e ^ f a c e s ^ f w h i c h the business of money-lending is to be carried . ( g ) on are So re than one, the names of persons who shall be m the management of the business at each, such place.
(2) The application shall be in writing and shall b© 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 of such family;
<» ̂ s f ssss&s »h»£ M E s srafc* the unincorporated body, as the case may be.
(3) The application .shall also contain such other particulars as may be ^ f ^ T h e application shall be accompanied by a licence fee at the following r a t e S _ ( a ) If the place at which the business of money-lending is to be carried fclft?p£Sl Place of business and Rs. 2 for the licence for each of the other places in the area:
™ -A A + w where an application is made after the expiry of the period pres- .rihPed0 bv f u l S in^respect ot'such anplication, it shall be accompanied by a licence fee at double the rates specified above.
'•
(5) The fee payable* under this section shall be paid in the manner prescribed 'ind shall not b e refunded, notwithstanding' the fact that the grant of the licence is refused or the application is withdrawn.
7. Grant of licence and entry hi register.—(1) On the receipt of an application under section 6 and after malting a summary inquiry in accordance wi th the prescribed procedure*, the Assistant Registrar shall forward the application, together with his report, to the Registrar. The Registrar may 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 and direct the Assistant Registrar to enter the name of such applicant in the register maintained by hirn under section 4.
If the application is in respect of more, t han one place of business in the area under the jurisdiction of the Registrar, a separate licence in respect of each such place shall be g ran ted in the name of the applicant and the person responsible for the management of the business at such place..
(2) If the application also contains a request for the grant of a licence to rry on the business of money-lending at aiiy place within the Union territory, out at a place outside the jurisdiction of the Registrar who granted the licence in respect of the principal- place of business of the money-lender, the Registrar shall forward copies of the application and of the licence granted to the Registrar having jurisdiction who may grant a licence on payment of the licence fee pro vided ior in section 6 without making any inquiry in respect of t he application.
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 responsibie for the management of his business as a money-lender is disqualified from holding a licence;
(b) that the appl ican t has not complied with the provisions of this Act or the rules in respect of an application for the grant of a licence;
(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 Cii) been found guilty of an offence under Chapter XVII or sections 465, 477 or 477-A of Chapter XVIII of the Indian Penal Code (XLV of I860).
(2) The Registrar shall, before refusing a licence under sub-section (1), record the evidence adduced before him and his reasons for such refusal.
(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.— (1) The Registrar, may during the 'term of any licence, cancel the same by an order in wri t ing on the ground that the person to w h o m 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 writ ing to t he 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 da te on which it is . granted to the 31st day of March following.
10. Stay of suits by money-lenders not holding licence.— (1) After the expiry of six months from the date on which this Act comes into force, no Court shall pass a decree in favour of a money-lender in any suit filed by a money-lender to which this Act applies unless the Court is satisfied tha t at the time when the loan or any par t thereof to- which the suit relates was advanced, the money-lender held a valid licence, 6
(2) If during the tr ial of any such suit, the Court finds that the money-lender had not held such licence, the Court may, on the application of the money-lender,, stay the hearing oi the suit and requi re him to produce within a period of three" months a licence on payment to the Registrar of all the arrears of the licence fees payable by him under this Act for the period commencing from the date on which he started the business of money-loading or the expiiy of six months from the date on which this Act comes into force, whichever is later, together with such penalty, not exceeding Rs, 500. as the Court may direct:
Provided that when the Court is satisfied that the failure of the money-lender to obtain a licence was due to any reasonable cause, the Court may direct that no penalty as aforesaid or part of such penalty shall be paid by the money-lender.
(3) The Court may. on sufficient cause being shown, from time to time extend the period during which the money-lender shall be required to produce a licence.
(4) If the money-lender fails to produce the licence required under sub-section
(2) within the period specified therein or within such period as may be extended under sub-section (3), the Court shall dismiss the suit. If the money-lender- , produces such licence within the aforesaid period, the Court shall proceed to hethe suit. "**o
(5) Nothing" in this section shall affect.—
(a) suits in respect of leans advanced by a money-lender before the date on 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 Provincial Insolvency Act, 1920 (V of 1920), or of a liquidator under the Indian Companies Act, 1913 (VII of 1913), to realise the* property of a money-lender.
11. Entry in register and grant oi licence to a money-lender directed to obtain 7 licence under sastion 10.—Any moneiy-lender who is required under sub-section r.
(2) of section 10 to produce a licence shall make an application to the Registrar through the Assistant Registrar in. the manner specified in section 6 and on r receipt of such application the Registrar UIB.J, subject to the provisions of section 8, and after making such inquiry as he deems fit, grant the money-lender on p a y ment of the arrears of licence fee, and the penalty, if any. directed by the Ct>*r£ to be paid, a licence in the form and subject to the conditions specified in secuoh 7 and direct the Assistant Registrar to enter the name of the money-lender in , the Register.
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 filing 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 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-Si t money-lender and may also direct the re turn of the deposit made under sub- ' -" ' section (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 sub section (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 section 7 the Registrar and Assistant Registrar, and for the purposes of section 12 the< Registrar General, shall have and may • exercise thei same powers as are vested in a Civil Court under the Code of Civile Procedure, 1908 (V of 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, 7 - ilA- l*?% o £ au*k<wisetl oScer to require production of record or doe* S?ried~on in s L S ™ ' ° ^ T v e ^ i U g whetlwr the business of money^encun? is cairiea on in accordance with the provisions of this Act anv Rerfstrar A^Htanf S B f f i & l S f < S i y 0 S S , i S B ^ aUtlf°riSfd {*#* C h x e f t o n n n k f S e f o i ' r r S S f w t f & ^ s s i s . t a n t registrar or the officer 4so authorized ha* reason to believe ?uce an S f ^ f b u S f ? s s & ^oney-lending in the Union terr lory to pro" ao thf nn r tn i ^ V d ° c u r r j e n t i n h p Possession which in, his opinion is relevant
14. Court's power to eaacsl or suspend P. licence..—(1) (i) A Court' nassine an order of conviction against a money-lender for an offence under this'Actor (Ii>a Court trying a suit to which this Act applies if satisfied that such money-lender has committed such contravention of fig provisions of this Act"or money-fending™1^1' m * * * W O T ' m a k e h i m U n f l t l o & S °" ^ bulinesl of
(a) may order that all the licences held by such money-lender in the t i ™ n t f a n d T b s cancK]]ed o r suspended for sueh t i i S S it may
(b) may if it thinks fit declare any such money-lender, or if any money lender is an undivided Hindu family, a Company or an unincorporated body such family, company or body and also any r ^ r s X ^ p o S e for the, management of the .business of money-lending carrLcl on by such family, company or body, to be disqualified from holnin? any licence m the Union territory for such time W the Court may thifrk fit
(2) Where a Court convicts a money-lender of an offence under this Act 01- makes an order or declaration under clause (a) or (b) of sub section m it shall cause the particulars of the conviction, order or declaration S The case m i be, to be endorsed on all the licences held by the moncy-lendei-convicted or bv any other person affected by the order or declaration and shall cause comes of it order or declaration to be sent to the Registrars by whom t h V l l e e S weSRanted for « purpose of entering such particulars in the registers: granxea
Provided that where any licence held by any money-lender is si^npnrWl « cancelled or any money-lender, is dfequalilfed f?om holding am licence under this section he may appeal against such order to the Court to which 1 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 ending the appeal, stay the operation of the order under this section. pencung tnc u r 3 ) ^ Y 1if*na£ r S (3ui r e d PX a Court for endorsement in accordance with sub section 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 S o ™ who without reasonable cause, makes default in producing the licence so required shall be liable, 011 conviction to a fine not exceeding P,s. 500 for each day for the period during which the default continues. ^
(4) Powers conferred on a Court under this section may be exercised bv anv hourt m appeal or m revision. * cAttfwwsa 05 any
15. No compensation! for suspension or cancellation of licence—Where anv licence is suspended or cancelled under this Act, no person shall be entitled to any compensation of the refund of any licence fee. enroled to IB. Persons debarred from doing business durl&g period of suspension or cancellation of Iicencc.-A person whose licence has been suspended o? cancelled m accordance with the provisions of this Act shall, during the period[of suspension th/'Unfonlerritefiw ^ W * * * d i s C [ U a l i f i e d * & holou.g any S n c f in
17. Person whose licence is sujpeaded ®e cancelled not to apply without tdvin* particulars of endorsement or of disqualification.—No person whose u S S ^ S I been endorsed under section 4 or who has been dUrmaM^d t £ TJ® licence shall apply for, or be, eligible to hold a S c e w C d S J ^ f a of such endorsement or disqualification, " " ^ e , witnoul giving particulars
18. Duty of numey-lender to tag, a c c o u n t , a n d ^ ^ S ^ S ^ S ^ money-lender shall keep and maintain a cash book ana a leagei and in such manner as may be prescribed.
(2) Every money-lender shall—
(a) dehver or cause to be delivered— debtor' and of the money-lender and the rate oj interest charged;
S a i l be in Ihe prescribed form and shall contain an up-to-date account of the transactions With cue debtor; _ S S g S S l t Sven by the, debtor as security tor the loan.
, 9 M ^ w i t h s t a n d i n g anything contained in clause (a) (ii) of sub-section (2) (2A) rMotwitnstanaing a i v u s order in writing permit such class of the Chief Commissioner o T i p u a W ^ d ° f f* deliver or° cause to be delivered money-lenders as ̂ ^ „ s p a e ^ t ^ n t containing the particulars referred to in *? ^ W d W f o ! (2 ) In S p e t t ol all loans made during every such clause (a) (i) ot s u » s ^ ^ n ^ " ;
t l o r d | r _ A n d u p o n the issue of such order a period as ™yj^^eauime °™f£j. £ statement as provided in this sub- S S S S ' S S ' d S ^ t a S ' E ' b S delivered the same within a period of 30 days from the, date of expiry of every such period.
m No money-lender shall receive any payment from a debtor on account of any loan w X u t giving him a plain and complete receipt for the payment.
(A^ No money-lender shall accept from a debtor any article as a pawn, pledge or iecur i ty"ora y i 0an without giving him a plain signed receipt for t h e s a m e ^ . t h its descriftion, estimated value, the amount of loan advanced against it and i f ch other particulars as may be prescribed.
19 Delivery of statement of accounts and copies thereof by moiW- leBder - ( l ) !- X.^,,1; LnHpr shall deliver or cause to be delivered every year to each ot Se7ph™orf a feslole sta ement of such debtor's accounts signed by the money lender or his a l ln t of any amount that may be outstanding against such debtor.
The statement shall show—
(i) the amount of principal and the amount of interest, separately, due to the money-lender;
nn thp amount of every payment already received by the money-lender ( n ) t h f n ™ e c t of the loan during the year together with the date on which each payment was made;
nii\ a n nsvments credited first in the account of interest, and the resid'Afty.
(m) a\V*Z™e$\^£ment more, than sufficient to discharge the balance of interest due at the time it is made, credited to the debtor m the account of principal or in the alternative such of ..the payments ^edited first in thei account of principal as the money-lender may determfne and t h f remaining payments credited M the account of hntereqt Calculated on the basis of the, decreased balance of principal a n ! w L n the balance of interest is fully discharged the residue of the payments, if any, further credited m the account of principal;
(iv) the amount of principal and interest remaining unpaid.
The statement shell be signed by the money-lender, or his agent, and shall j | e in S recognised language, It shall be in such form and shall be supplied t o l n e 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 nV fe summed by the money-lender with a pass book which shall be in. the prescribed S i and shall contain an up-to-date account of the transactions with the debtor.
\ •' The money-lender shall on or before the aforesaid dale deliver or cause to be delivered a statement containing the part iculars specified in clauses (i) to (iv) ti the Assistant Registrar.
(2) In respect of any particular loan, whe ther advanced before or a l ter 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 Joan or any par t thereof has not beso 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 recognised language., signed by the money-lender or bis agent, and containing the relevant particulars specified in sub-section (1).
(3) A money-lender shall, on a demand in wri t ing by the debtor, and tender of the prescribed sum of expenses, supply a copy of any document 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 purposes of this section "year'1 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 debtors and Assistant Registrars.—
(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-sections, or in respect of copies of statement supplied to him under sub-section (2A) of section 18.
(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 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 an admission of the correctness of the accounts.
i 21. Procedure of Court in suits regarding loans,—Notwithstanding anything '.ntained in any law for tha 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 10 and 19; /n
(b) if the Court finds that the provisions of section-±0 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 par t , 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 state ment of accounts or a pass book 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 eirrors 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 company or unincorporated ( body exempted foy ' Government.—Nothing in sections 18 to 21.
shall apply to loans advanced by any company or unincorporated body which the Chief Commissioner of Tr ipura may by notification in the Tr ipura Gazette exempt from the operation of those sections. .
23. Power of Court to ]imit interest recoverable in certain cases.—Notwith standing anything contained in any agreement or any law for the time being in force., no Court shall in respect of any loan whe the r advanced before or after the date on which this Act comes irito 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 amoun t by instalments.— Notwithstanding anything contained in the Code of Civil Procedure, 1908 (V of 1908), the Court may, at any time, on application of ,a Judgment-debtor, after notice to the decree holder, direct that the- amount of gaiy decree passed against l^ Ac V&JL.c^ ^VtA^ rL*V CrfLtA/t^.
, - ' •; JrUr °~j /'< o* ci--.---^l. «^fe, •; : " ^ - ' b* -" ' - ' N, s him. whether before or after the date on which this Act comes into force, 111 -> 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 tha judgment-debtor and the amount of the decree, it considers fit.
25. Limitation on rates of interest.—(1) The Chief Commissioner of Tripura may from time to time by notification in the Tripura 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:
(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 t h e , m a x i m u m rates fixed by the Chief Commissioner of Tripura "under ?ub-sectidif ' \ l)Ube-shall—fGr-the^uiiDoses of section-34—be-deemed--to-have contravened the provisions-of -this^A-et . r, - * ¥*." 26. Frohibitiofe of charge for expenses on loans by money-lenders.—No money lender shall receive from a debtor or intending debtor any sum other than reason able costs of "investigating title to the property, costs of stamps, and registration of documents in cases where an agreement, between the parties includes a stipula- _-.
lion that property is to be given as security or by way of mortgage and where \50th parties hav© agreed to such costs and reimbursement thereof; or where such*"*^ costs, or charges are leviable under the provisions of the Transfer of Proper ty Act, 1882 CIV "of 1882), or any other law for the t ime being in force.
27. Notice and information to be given on assignment of loan.—(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— fa) give the assignee notice in writ ing 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 e comply wi th the provisions of this Act; and v'c) give the debtor notice in writ ing 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 contra vention.
28 Application of Act as respects assignees.—(1) Save as hereinafter provided, where any debt due to a money-lender in respect of money lent by h im 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 o r security taken in respect of any such debt or interest, has been assigned the assignee, shall be deemed to b e ' t h e money-lender and all the provisions of this Act shall apply to such assignee as if he were the money-lender.
1 "- « K K ,
(2) Notwithstanding anything contained in this Act or in any other law for the t ime 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 a c c o u n t ' 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 par t ies ;
(b) take an account between the part ies; r~
(c) reduce the amount charged to thei debtor in respect of any excessive interest;
(d) if on taking accounts i t 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 :
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Provided thai in the exercise of these powers, the Court shall not— CD reopen any adjustment or agreement purporting to close previous by the parties or any person through whom the claim at-a date morsthan six years from the. date of the suit;
(ii) do anything which afreets 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 m a k e an application at any time to the Court, whether the loan to which the suit relates has or has not become payable, for taking accounts and for declaring the amount due to the money-lender. Such application shall be in me prescrmed form and accompanied by iae prescribed fee.
(2) Qn receipt of such application, the Court shall cause a notice of the application to be given to the money-lender.
(3) On the da te fixed for the hearing of the application or on such date to /hich the hear ing may be adjourned from time to time, the Court shall make an inquiry and shal l afte<r taking an account of the transactions between the part ies pass an order declaring the amount, if any, still payable by the debtor to the_ under this section the Court shah follow the provisions of Sections 18 to 29 a n d ) section 31 A. L^yJ^
31. Deposit in Court of money due to money lender.—(1) At any time a deb to r^ W W "1 may tender to a money-lender any sum of money duei from him" to the m o n e y - / / / / , l / j 0 lender in respect of a loan by way of principal, interest or both. "-^^f^-^prX
(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. V ^ X ,
(3) The Court shall thereupon cause wri t ten notice of the deposit to be served' 'ly(A^tu~f~ on ;the money lender, and he may, on presenting a petition stating the sum then * J clue in respect of the loan, and his willingnass 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 appro priate the said sum first towards the interest and the residue if any towards the principal.
31A. When interest to be paid for entire month.—Notwithstanding any agree ment between the parties or any law for the time being in force, when a s tatement is delivered or pass book is supplied to a debtor under section 19! or if accounts a m 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 clays of the said month, and if the s ta tement is delivered or pass book is supplied or accounts are .
taken or tendeir is made on any subsequent day, then for t he 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 he an offence.—(1) No money-lender shall take .any promissory note, acknowledgment, bond or other writ ing which does not state the actual amount of the loan, or which states such amount wrongly or execute any inst rument in which blanks a re left to be filled after execution.
'(2X Whoever contravenes the provisions of sub-section (1) shall, on con viction, be punishable wi th fine which may extend to Rs. 1,000 or with imprison ment of either description which may extend to six months or with both.
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, 1 t punishable wi th imprisonment of ei ther description which may extend to three months or wi th finei which may extend to Es. 500 or with both.
Explanation.—For the purposed 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 / 2--^FC^£2L Jy. "\K (^KA^^^L4_ -A- ̂ -ax c_ Gfv-?-' i/'^^^ *t AK 12
(b) persistently follows such oilier person from place to place or interferes-, with any property owned or used by him or deprive:- him of. or.
hinders him in. the use thereof, or ' •.
[(e). loiter.? near a house or other place where such other person resides or worlrRi or carries en 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 tha t a person w h o goes to such house or place in order merely to obtain or communicate information shal] not be deemed to molest.
Si. 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 two months or with fine which may extend to I>s. 1500 or with both:
and
(b) for the second or subsequent offence with imprisonment of either description which mav extend to six months or wi th fine or wi th both..
35. Offences by corporations, eis.—If the person contravening any of the provisions of this Act is an undivided Hindu family or a company or an unincorpo ra ted body, the person responsible for -the management of thei business of such family, company or body shall be deemed to foe guilty of such contravention.
35A. Certain offences to he cognizable.—Notwithstanding anything contained in the Code of Criminal Procedure, 1S98, offences punishable—
(a) under section 34 for contravening the provisions of section 5, and
(b) under section 33, shall bei cognizable.
36. Arrest: ssxd imprisonment ia executies of decree for money against agri cultural debtors, abolislied.—Notwithstanding any law for the time being in force, no debtor who1 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 Agl:
comes into force.
* * * ? * * sV * * * * *
37. Every officer to be public servant,—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 Pena] Code (XLV of I860).
38. Power of Chief Commissioner of Tripiara to delegate his powers.-—-The Chief Commissioner' of Tripura may delegate to any officer any of the powers conferred on him by or under this Act.
39. Rules.—(1) The Chief Commissioner of Tripura may make rules for carrying out the purposes of this Act.
(2) In part icular and without nrejudice 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;
(c) the form and conditions of the licence, the manner of payment of licence fee and the procedure for a summary inquiry under section 7;
(d) the form of cash book and ledger and the manner in which they should be mainta ined under sub-section (1), and the other particulars to%^., prescribed under sub-section (4), of section 18",
(e) the' form of the statement of accounts and pass book to be furnished or delivered and the date before- which it is to be furnished or debvered 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 -vh>h and the manne i in which fees may be recovered1 under section 19A;
(f) the form of application and the fee to be paid under sub-section (1) of section 30;
(2) any other_ mat ter which is or may be prescribed under this Act or any mat ter for which there is no provision or insufficient provision in this Act and for which provision is, in t 'te opinion of the Chief Com missioner of Tripura necessary for giving effect to the provisions of this Act.
(3) The rules made under thi-" section shall, subject to the condition of previous publication, be published in the Tripura Gazette.
[No. P .9/ l l /58-Judl . I I (UTL 1).]
K. R. PRABHTI Dy. Secy.
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