Amendment status not verified — confirm the current text below against the official source.
Whoever,- ( a ) obtains a licence in the name which is not his true name or carries on the business of money-lending under the licence so obtained ; or (b) carries on the business of money-lending at any place not mentioned in the licence authorizing him to carry on such business ; or ( c ) enters into any agreement in the course of business of money-lending without a valid licence, or under a licence obtained in the name which is not his true name, shall, on conviction, be punished,- (i) for the first offence, with imprisonment of either description which may extend to one year or with fine which may extend to rupees fifteen thousand or with both, and ( ii ) for the second and subsequent offence, in addition to or in lieu of, the penalty specified in clause (i) , with imprisonment of either description which shall not be less than five years, where such person is not a company, and with fine which shall not be less than rupees fifty thousand, where such person is a company.