Amendment status not verified — confirm the current text below against the official source.
Whoever carries on the business of money-lending without a licence or otherwise than in conformity with the terms and conditions of a licence shall be punished with fine which may extend to one thousand rupees: Provided that a person shall not be deemed to carry on the business of money- lending without a licence, if he had ceased to carry on the business of money- lending but was taking steps to recover any loan advanced by him. Penalties