Any person who charges exorbitant interest may, within one month from the date of publication of this Ordinance, file a petition before the Court disclosing his intention to charge only the rate fixed by the Government under section 28 of the Karnataka Money Lenders Act, 1961, on the loan advanced by him and on such disclosure the interest in respect of such loan shall be as fixed by the Government under Section 28 of the Karnataka Money Lenders Act, 1961, and no prosecution for the offenses under this Ordinance shall be instituted in respect of such loan.
Section 7: Voluntary disclosure
The Karnataka Prohibition of Charging Exorbitant Interest Ordinance, 2003.State Ordinance of Karnataka · No. 14 of 2004
Where this provision sits
| Act | The Karnataka Prohibition of Charging Exorbitant Interest Ordinance, 2003. |
|---|---|
| Section | 7 |
| Marginal note | Voluntary disclosure |
| Jurisdiction | State of Karnataka |
| Status | In force as published by the source |
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