274 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
Chapter VI
Method of keeping Accounts
Money-lender to give pass-book to debtor
- Every money-lender shall give to his debtor a passbook provided by Government and shall enter therein every payment made by the debtor or to the debtor and authenticate the same by his signature.
Money-lender to supply annually a statement of debtor’s account.
- Every money-lender shall deliver to hi s debtor and such other persons from whom he is entitled to claim payment of the debt, on or before the 31st January of every year, a statement of his accounts in respect of the debt in such form as may be prescribed by Government, upto the
31st December of the previous year authenticated by his signature.
Money-lender not entitled to sue during default
- A money-lender, who fails to comply with the provision of section 28, shall not, as long as the default continues, be entitled to sue for or recover any sum due under the contract on account either of principal or interest, and interest shall not be chargeable in respect of the period of the default.
Penalty for default
- A money-lender who contravenes the provision of section 28 or 29 shall be liable to a fine not exceeding Rs. 100/-.
Accounts to be kept in books obtained from Government
- Every money-lender shall obtain from Governemnt on payment of such fees as may be prescribed, such books of accounts as may be necessary for him for the purpose of recording his transactions as a money-lender and shall regularly record and maintain accounts of all his transactions relating to the loans made and security for such loan, if any, in such account books, containing such details and in such script and numerals and in such ink as may be prescribed by Government from time to time.