Amendment status not verified — confirm the current text below against the official source.
In this Act, unless thd context otherwise requires, - (1) "appointed day" means the date on which this Act comes into force; (2) "bank" means- (i)a banking company or a co-operative bdnk to which the Banki4 Regulations Act, 1949 applies; (ii)the State Bank of lndia constitr.rted under the State Bank of IndiaAct, 1955; (iii)a Subsidiary Bairk as defined in the State Bank of lndia (Subsidiary Banls) Act 1959; (iv)a conesponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act,l970, or the Banking Compo"ies (Acquisition and Transfer of Undertakings) Act, 1980; and . (v)a regtonal rural bank established under section 3 ofthe Regional Rural Ba-nks Act, 1976; Short title, ertent and commencement Defrnitions, l0 of IN9. 23 of 1955. 38 ofl9s9. 5 of 190. 't0 of 19t0. 21 of 1Y76. . This Act was assented by the Governo! 0E t . For Sloremem ofobje€{s ed Re6ons, see 201I, Page No 2l-30 to 2l'34 &e 6s April.20lL Gujaa Govemment Goete El(tssordrllry, Pafi V draled l8uMEctt' 1 2 Ihe Giarat Money-Leiders Act, 2011 _ (3) "business of money-lending,, means the business of advancing loans, whether in cash or kind and whether or not in coDnection with or in addition to, any other busiaess and includes the business ofpayment ofloan by an agreement undei any law for the time being in force ; (4) "capital" means a surn of money which a Money_Lender invests in the business of moneyJending; (5) "company" means a company as defined in ttre Companies Act, 1956; . (6) "co-operative society" means a society registered or deemed to coj.lo have been registered under the Gujarat co-operative Societies 6.1, 1961 orirez or any other Act relating to co-operative societies aad includes a Multi stale co-operative Society registered under the Muiti state co-operative r orzooz. Societies Ac! 2002; [2011 : Guj. 14 r of1956. )fiI of 1860 (8) "interest" includes the sum to be made over and above principal amount lent, whether .the same is charged or sought to be recoveied specifcally by way of interest or otherwise, but does not include any sum lawfrrlly charged by Money-Lender as costs, charges, expenses, towards evaluation, assessrnent and creation ofttre security; (9) "Ioan" means an advance whether of money or in kind, at an interest, with or without security, and includes advance, discount, money paid for or on account of or on behalf'of or at the rcquest of aly persog or the forbearance to requte payment of money o*iog oo any account ylatsoever, and every agreement under any law for the time being in force (whatever its terms or form may be) which is in substance or effict a loan ofmoney, but does not include- (7) "debtor" means a person to whom a loan is advanced and includes a successor-in-interest or surety; . (a) a deposit of money or other property in a Govemment post office, a bank, a comFany or a co-operative society; . (b) a loanto, or by, or a deposit with a:ry society or association registered under the Societies Regisration Ac!. 1 960, or any other enactment relating to a public, religious or charitable objeit; - (c) a loan advanced by the State Govemment or by any local authority authorized by the State Government; (d) a loan advanced to a Govemment edployee from a fund, established for the welfare or' assistance of Governmej employees and which is sanctioned by the Sta1e Government; . (e) a deposit of money with or a loan advanced by a co_operative society; (f) an advance made to a subscriber to, or a depositor in, a provident fi.rnd from the 3m6un1 5rending to his credit in the fund in accordance with the rules of the fund; I l I I I ,;-:;.{. _ __t F: 2011 : Gui. 14 I The Gujoat Money-Lenders Act, 2011 (g) a loan to or by an inswance company as defined in the Tnsurance 4of1938. Act, 1938; (h) a loan advanced by a Government company as defined in the I of 1956. Companies Act 19561 (i) an advance made bona fif,e by any trader carrying on any business, other than money-lending, ifsuih advance is made ia the regular course of such bushess; O a loan advanced by the National Bank for Agriculture a::d Rural Development established under the National Bank for Agriculture and 6t orre8l. Rural Development Ac! 1981; ft) a loan advaaced by the Export-Import Bank of lndia established 28 of re8l. unf,s1 the Export-lmport Bank of Iadia Ac! I 98 1 ; O a loan advanced Uy the Smatt Industries Development Ba* of Indi4 esablished under the Small lndustries Development Bark of India 3e of I9s9. Act, 1989; (m) a loan advanced by the National Housing Banh constituted under s3 of le&r. ths \stional Housing Bank Act, 1987; (n) a loal advanced by State Financial Corporations established under 53 oflesl. ffis $1a19 Finansial Corporations Act, 1951; and (o) a loan advanced by a:ry institution- ( 1 ) established by or under an Act of Parliament or the legislatue of a State, which grants any loan or advance in pursuance ofthe provisions of that Act, or (2) notified in this behalf by the State Government, in consuitation with the Reserve Bank; ' ( l0) "Money-Lendet'' means- (i) an individual, or (ii) a Hindu Undivided Family, or (iii) a company, or (iv) a pawn-broker, or (v) an unincorporaled body of individuals, including a frm, who or which- (a) carries on the busi:ress of money-lending in the State, or (b) has his or its principal or subsidiary place ofsuch business in the State; 3 4 The Gujarat Money-Lenders Act, 20I I ( l9) 'tules" means rules made under this Acq (20) "State" means the State of Gujarat; (21) "Suit to which this Act applies,, means any suit or proceedings- (a) for the recovery of a loan made after the date on which this Act comes into force: [201I :,Quj;;14.. (11) "pawn-broker" means a Money_Lender who in the ordinpry course ofhts bwness aduances a loaa and lakes goods n paum as secuity hr paytnen t ofsucl /oaa, (12) 'prescribed" means prescribed by rules; (13) "principal" means, in relation to a loan, the amount actually advanced to the debtors; and if the loaa is in kind, the value of ttre quaatity of the thing or commodity advanced, calculated at the market rate of price of such thing or commodity prevailing on the date of the advance; (18) *Regisfar General" me,ns'the Regishar General of Money- Lenders appointed under section 3; and includes the Additional Registrar General of Money-Lenders; II (14) "provident fund" means a provident fund as defined in the Provident Funds Acl" 1925 and includes a government provideut flrnd and I li or 1e25. railway provident fund as defined in the said Ac[ (15) "registel' means a register of Money-Lenders maintained under section 4; ( I 6) "registation" means registration ganted to a Money-Lender under section 7; (17) "Registrar" mears Registrar of Money-Lenders appointed under section 3; (b) for thq enforcement of any security taken, or any agreement, made after the date on which this Act comes into force in respect oiany loan made either before or after the said date; or (c) for the redemption of any security given in respect of any loan advanced by a Money-Lender; i (22) "tadef' means a person who in tle regular course of business buys and sells goods or other properly whether movable or immovable, and includes- / 2011 : Guj. 141 The G4jod Money-Lenders Act, 2011 CEAPTER tr AUTEORITTE,S 5 (i) a wholesale merchant, (ii) a commission agent, (iii) a broker, (iv) a manufacturer, (v) a contactor, (vi) a factory owner, but does not include, a person who sells his agricrdttrral pmduce or cattle or buys agricultural produce or cattle for his use or an artisan Explanalion.- For the purposes of this clause, "an artisan" means a person who does not employ r4ore than ten workers ia a manufacturing process on any one day of the t*elve months immediately preceding. .^*te'.