(1) Every money-lender shall- Money-lender to keep books, give
(a) regularly record and maintain or cause to be recorded and main- receipts, tained, an account showing for each debtor separately- etc.
(i) the date of the loan, the amount of the principal and the rate of interest charged thereon, the nature of the security taken, if any, and the other terms and conditions of the loan,
(ii) the amount of every payment received by the money-lender in respect of the loan, and the date of such payment, and
(iii) the amount credited as being the market valuz of the usufructs of coconut trees appropriated or accepted towards payment of the principal or interest of the loan and the date of receipt of such usufructs;
(b) give to the debtor or his agent a receipt duly signed and, if necessary, stamped, for-
(i) the amount paid by him, or
(ii) the an~oullt equal to the market vnlue of the nsursucts of coconut trees appropriated or accepted from him indicating the quantity of usufl~ucts, at the time of such payment or, as the case nlay be, at the time of such appropriation or r?cccptance;
isitio~l in writing ~nadc I3g the debtor f u r ~ ~ i s l ~ to him, or, if par~icul:irs r?r"e~.red to in clause ( a ) and also the amount ~vhich remains outstanding on account of the principal and of interest, and charge such fee therefor as may be prescribed ;
(d) submit such returns relating to the loans advanced by him to the Inspector concerned, in such form and at such times as may be prescribed.
(3) .411 records or entries made in the ,books, accounts and docunlents referrzd io in sub-section ( I ) shall be in such languagz as may be prescribed in respect of any area.
(3 ) A debtor to whom a statement of account has been fi~rnished under clause (c) of sub-section (I) and who fails to object to the correct1:ess of the account shall not by such failure alone be deemed to have admitted the correctness of the particulars entered in such statement.
(4) In the receipts to be given under clause ( b ) of sub-section ( I ) or in the !
statenlent of account to be furnished iuider clause (c) cf that sub-section, the figures ;
shall bc entered only in the internat~onal form of Indian numerals.
(5) In any suit or proceeding relating to a loan, if the Court finds that a moneylender has not maintained an account as required by clause (a) of sub-secticn ( I ) , he shall not be allowed his costs.
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: 1 (6) If any money-lender fails to give the debtor or his agcnt a receipt as i I' required by clause ( b ) of sub-section ( I ) or to furnish on a requisition made under I g i Q clause (c) of that sub-section a statement of acccunt within one month after such 1 ,! requisition has been made, he shall not be entitled to an), interest for the period 1 'S 1; I of his default.
(7) Notwithstanding any agreement between the parties or any law for the 3 tilne being in force when a statement of account is Ei~rnished to a debtor under this section on any day during a month, the interest due shall be calculated as j navahle for the entire month irrespective of the fact that such statement is furnished B r--,-~--~ on any such day.
11. ( I ) The Appoint- ~ - & -..a by notification, appoint one or more persons LllcnL auu powers of to be Inspectors for the purposes of this Regulaticn and specify in such notifica- Inspectors. tion the local limits of their jurisdiction. ?&
(2) Every Inspector shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code. 45 of 1860.
(3)(a)(i) Any Magistrate may, on receiving a report from an Inspector that a person carries on business as a money-lender without a licence or that a nloney-lender carries on his business jn contravention of the provisions of this Regulation or any of the conditions of a licence granted to him at any place within the jurisdiction of such Magistrate, issue a ~ a r r a n t , elllpowering the Inspector to enter such place wiih such assistants as he ccnsiders necessary and inspect books, accouilts, records, files, documents, safes, vaults and pledges in such PI-ovided that i f the !nspector removes from the place any books. accounts, records, files or documcnts, hc sl~xll give to the person in charge of thc place, a 9 receipt describing the books. accounts, records, files or documents so removed by him: '.I !'r.ovidcd further tl1:1t the books, accoun!~. rccords, iiles or documents so ~.cmovctl slu~ll, \~,itliin twenty-Sour hours o f suc l~ removal. bc citlzer rcturned t o thc person Srom \L.IIOSC C I L S ~ O L ! ~ they ~ c r e ~ C ~ I O V C ~ , or, SIIL!~CC~ to t!ic availability df transpost. be p r o d ~ ~ c c d i n tlle Court of thc Magistrate who iss~ic(.l lix warrant :.~orl sllcl~ Magistratc rnny re!urn thc books, ;lccounts, rccords, Itlcs or dr~cu~lients or any of the111 to the person from \\>h:.sc custotly they wer2 rcmovcd by f l ~ c Lnspec-
101.. after taking from such pers:jn s~.rch :icc~~r.ity as thc Magistrate c:onsiders ncccssary Ibr the proc!uction of llle boolis, accollnts, record:, tiles o r docunzents when required whether by tlie Inspector or by the Court, or may pass such other orders as to their disposal as appear just :tnd convenie~zt to tlie b1;lr:gistrate.
(b) An Tnspector shall have authority to require any person ivliose testimony he may require regarding any loan or any money-lending business rn :~rtend before him or to produce or cause to be produced any document and to examine such person 011 oath.
(4) An Inspector may apply for assistance to the officer-in-charge of a police station and take police vflicers to acconzpany and assist him in the performance of his duties under this Regulation.