282 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
(2) Before any such rules are made under this section a draft thereof shall be laid before each chamber of the legislature for a period of not less than 21 days during the session of the chamber, and if either chamber before the expiration of the said period passes a resolution against the draft or any part thereof, no further proceedings shall be taken thereon, but without prejudice to the making of a new draft rule.
Statement of Objects And Reasons
This Bill is intended to control and regulate the business of money-lending. For that purpose it provides–
Firstly- (i) that no money-lender shall carry on the business of money-lending unless he has taken out a license and that license shall not be granted to any person who does not posses a certificate of good character;
(ii) that the license issued to a money-lender shall be liable to be suspended or revoked if he is found guilty of breach of any duty imposed upon him by this Bill.
Secondly- (i) the bill provided that all loans made by a moneylender whether secured or unsecured shall be evidenced by writing signed by the borrower;
(ii) that a money-lender shall give a pass-book to the borrower in which all transactions between them shall be entered by the money-lender;
(iii) that annualy the money-lender shall send to the borrower a statement of his accounts;
(iv) that charging of compound interest or other costs shall be illegal.
Thirdly- the Bill lays down the mode of keeping accounts by the money-lender. It requires :
(i) that the money-lender shall keep his accounts in the books obtained by Government;
(ii) that at the end of every year he shall produce his books before a government official, who shall initial the first and last entries in such books;
(iii) that no books of accounts shall be admissible in