Amendment status not verified — confirm the current text below against the official source.
(1) The Government may, by notification, appoint one or more persons to be Inspectors for the purposes of this Act and specify in such notification the local limits of their jurisdiction. (2) Every Inspector shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code. (3) (a) *[(i) A District Magistrate, an Additional District Magistrate or a Sub-Divisional Magistrate] may, on receiving a report from an Inspector that a person carries on without a licence or that a money-lender carries on in contravention of the provisions of this Act or the conditions of licence granted thereunder the business of money-lending at any place within the jurisdiction of such Magistrate, issue a warrant empowering the Inspector to enter such place with such assistants as he considers necessary and inspect the books, accounts, records, files, documents, *[securities, safes and vaults] in such premises. (ii) On receiving the warrant referred to in sub-clause (i), the Inspector may enter the place and inspect the books, accounts, records, files, documents, *[Securities, safes and vaults] in such premises and may take to his office for further investigation such books, accounts, records, files *[documents and securities] as he considers necessary: Provided that if the Inspector removes from the premises any books accounts, records, files *[documents and securities], he shall give to the person in charge of the place, a receipt describing the books, accounts, records, files *[documents and securities] so removed by him: ________________________________________________________________________ * 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. 463 Provided further that within twenty-four hours of the removal of the books, accounts, records, files *[documents and securities] from the premises, the Inspector shall either return them to the person from whose custody they were removed or produce them in the Court of the Magistrate who issued the warrant and such Magistrate may return the books, accounts, records, files *[documents and securities] or any of them to the person from whose custody they were removed by the Inspector, after taking from such person such security as the Magistrate considers necessary for the production of the books, accounts, records, files *[documents and securities] when required whether by the Inspector or by the Court, or may pass such other orders as to their disposal as appear just and convenient to the Magistrate. (b) An Inspector shall have authority to require any person whose testimony he may require regarding any loan or any money-lending business to attend before him or to produce or cause to be produced any document and to examine such person on oath. (4) An Inspector may apply for assistance to an officer-in-charge of a police station and take police officers to accompany and assist the Inspector in performing his duties under this Act. Entry of wrong sum in bond, etc., to be an offence * [10A. (1) No money lender, whether licensed or not, shall take from a debtor or an intending borrower any note, promise to pay, acknowledgement, power-of-attorney, bond, security or other document which does not state the actual amount of the loan, the rate of interest charged and the time, if any, within which the principal is stipulated to be repaid in full, or which states any of such particulars incorrectly, nor shall he take from any debtor or an intending borrower any document in which any entry is left blank for completion at a later date. (2) Whoever contravenes the provisions of sub-section (1) shall be punished with imprisonment which may extend to six months or with fine which may extend to one thousand rupees or with both. (3) Notwithstanding anything contained in section 21 or in any other law for the time being in force, any note, promise to pay, acknowledgement, power-of- attorney, bond, security or other document referred to in sub-section (1) shall be void and unenforceable]. ________________________________________________________________________ * Inserted vide Act No: 7 of 1983 w.e.f 11-12-1983 and published in Extraordinary Gazette Part-Il No. 30 dated 31-12-1983. 464 Money-lender advancing smaller amount or securing higher interest than that specified in the accounts, etc., to be punishable