264 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
Bill No. of 1938
A Bill to Control and Regulate Money-Lending
Whereas it is expedient to prescribe by law the duties and obligations of persons carrying on business as money-lenders and to control and regulate the same.
It is hereby enacted as follows :—
Chapter I.
Preliminary
Short title, extent and commencement
1.(1) The Act may be called the Bombay Money-lenders Act,
(2) It shall apply to the whole of the Province of Bombay and shall come into force on a date not being later than one year after the passing of this Act as the Government may by notification in the Official Gazette appoint.
Definitions
- In this Act unless there is anything repugnant to the subject or context—
(i) “Authorised name” and “Authorised address” means respectively the name under which and the address at which a money-lender is authorised by a license granted under this Act to carry on the business of moneylender.
(ii) “Business name” means the name or style under which any business of money-lending is carried on whether in partnership or otherwise.
(iii) “Debtor” means any person against whom a moneylender has a claim in respect of a loan.
(iv) “Interest” means and includes any amount in kind, cash, service or in any other form and by whatsoever name called, in excess of the principal, paid or rendered, or payable or renderable to a money-lender in consideration of, or otherwise in respect of a loan.