Amendment status not verified — confirm the current text below against the official source.
The Act came into force on the 1st day of October 1970, vide Notification No. E-2763-69/ Rev, dated 18th September 1970. * Amended vide Act No: 7 of 1983 w.e.f 11-12-1983 and published in Extraordinary Gazette Part-II No. 30 dated 31-12-1983. 454 (v) a Regional Rural Bank established under the Regional Rural Banks Act, 1976 (Central Act 21 of 1976); (vi) the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (Central Act 18 of 1964); (vii) the Agricultural Refinance and Development Corporation established under the Agricultural Refinance and Development Corporation Act, 1963 (Central Act 10 of 1963); (viii) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956); (ix) the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948 (Central Act 15 of 1948); and (x) any other financial or banking institution notified in this behalf by the Government in the Official Gazette; (aa) “citizen of India” means a person who is a citizen of India within the meaning of Part II of the Constitution of India and the Citizenship Act, 1955 (Central Act 5 of 1955); (b) “co-operative society” means a society registered or deemed to be registered under any law for the time being in force in the Union territory relating to co-operative societies;] (c) “Government” means the Administrator appointed by the President under article 239 of the Constitution; (d) “Inspector” means an Inspector appointed under section 10; (e) “interest” includes the return to be made over and above what was actually lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise but does not include any sum charged by a lender in accordance with the provisions of this Act or any other law for the time being in force, for or on account of costs; charges or expenses; 455 (f) “licence” means a money-lender’s licence granted under this Act; (g) “loan” means an advance whether of money or in kind at interest, and includes any transaction which the court finds in substance to amount to such an advance, but does not include --- (i) a deposit of money or other property in a Government Post Office Savings Bank or in a Bank in a company as defined in the Companies Act, 1956 (Central Act 1 of 1956) or with a co-operative society; (ii) an advance made by a bank or a co-operative society or an advance made from a provident fund to which the Provident Funds Act, 1925 (Central Act 19 of 1925) applies; (iii) an advance made by any Government or by any person authorised by Government to make advances in their behalf, or by any local authority; (iv) an advance made by any authority specified by Government by notification; (v) an advance made bona fide by any person carrying on any business, not having for its primary object the lending of money, if such loan is advanced in the regular course of such business; (vi) an advance made on the basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881 (Central Act 26 of 1881) exceeding [rupees ten thousand]; (vii) an advance made to its members by any Nidhi or Permanent Fund registered under any law in force in India; (viii) an advance made under any Chit Fund Scheme; (ix) an advance made by an agriculturist to his tenant; ________________________________________________________________________ * Amended vide Act No: 7 of 1983 w.e.f 11-12-1983 and published in Extraordinary Gazette Part-II No. 30 dated 31-12-1983. 456 (h) a person shall be deemed to “molest” another person if he---- (i) obstructs or uses violence to, or intimidates, such other person, or. (ii) persistently follows such other person from place to place or interferes with any property owned or used by him or deprives him of, or hinders him in the use of, any such property, or (iii) loiters at or near a house or other place where such other person resides, or works, or carries on business, or happens to be, or (iv) does any act calculated to annoy or intimidate the members of the family or such other person, or (v) moves or acts in a manner which causes or is calculated to cause alarm or danger to the person or property of such other person; (i) “money-lender” means a person whose main or subsidiary occupation is the business of advancing and realising loans, but excludes a bank or a co-operative society; Explanation: --- Where a person who carries on in the Union territory the business of advancing and realising loans is resident outside the Union territory, the agent of such person resident in the Union territory shall be deemed to be the money-lender in respect of that business for the purposes of this Act. (j) “notification” means a notification published in the Official Gazette; (k) “prescribed” means prescribed by rules made under this Act; (1) “principal” in relation to a loan means the amount actually lent to the debtor; (m) “Union territory” means the Union territory of Puducherry; (n) “year” means the financial year. 457 Money-lender to obtain licence