Amendment status not verified — confirm the current text below against the official source.
(1) The Government may makes rules to carry out all or any of the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for:- ________________________________________________________________________ * 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. 472 (a) the form and the particulars to be contained in an application for a licence under this Act; (b) the terms and conditions subject to which a licence may be granted; (c) the form in which books, accounts and documents specified in this Act shall be recorded, maintained, kept or used; (d) the procedure which should be followed and the powers which may be exercised by the authorities exercising functions, holding inquires and hearing appeals under this Act; (e) any other matter which under this Act is to be, or may be prescribed. (3) *[(a) All rules made under this Act shall be published in the Official Gazette and unless they are expressed to come into force on a particular day, shall come into force on the date on which they are so published. (b) All notifications issued under this Act shall, unless they are expressed to come into force on a particular day, shall come into force on the date on which they are published. (4) Every rule made or notification issued under this Act shall, as soon as possible after it is made or issued be laid before the Legislative Assembly, Puducherry, and if, before the expiry of the session in which it is so placed or the next session, the Legislative Assembly agree in making any modification in any such rule or notification or the Legislative Assembly agree that the rule or notification should not be made or issued, the rule or notification shall thereafter have effect only in such modified form or be of no effect, as the case may be, so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or notification]. _________ ______________________________________________________________________ * Substituted 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. 473 STATEMENT OF OBJECTS AND REASONS FOR ACT 26 OF 1970 There are large number of money-lenders in this Union Territory who lend money to the public at exhorbitant rates of interest. It has therefore become necessary to control and regulate the business of money-lenders by introducing the system of licensing. The Puducherry Pawn Brokers’ Act, 1966 (Act 11 of 1966) has already been passed in this Union territory to regulate and control the business of the Pawn Brokers who give loans after obtaining security from the borrowers. But there is no such law in respect of the business of the money-lenders who give loans without any security. The present bill which has been prepared on the model of the Madras Moneylenders’ Act, 1957 (Act XXVI of 1957) seeks to achieve this object. STATEMENT OF OBJECTS AND REASONS FOR ACT 7 OF 1983 The Puducherry Money Lenders Act, 1970 (Act No.26 of 1970) was enacted on the same lines as the Tamil Nadu Money Lenders Act, 1957. In the course of implementation of their Act, the Tamil Nadu Government encountered some difficulties in the successful implementation of the Act and made amendments to their Act. As the Puducherry Money Lenders Act, 1970 is also on the same lines, it has been felt necessary to make similar amendments to this Act also for example in clause (i) of section 2 of the Act, the term ‘bank” has not included in the nationalised banks and subsidiary banks and hence it is proposed to include the said banks also in the definition of that term. It is also proposed to amend item (vi) of clause (6) of section 2 which excludes from the scope of the Act, advances made on the basis of negotiable instruments exceeding Rs. 3,000, so as to enhance the monetary limit from Rs. 3,000 to Rs. 10,000. It is also proposed to insert a new item providing for exemption in respect of advances made by any company or corporation owned or controlled by the Central Government or any State Government. It has also been felt necessary to amend section 7 (1) of the Act so as to empower the Government to fix and revise the rates of interest from time to time by notification. Similarly, some other consequential amendments have also been proposed wherever necessary. STATEMENT OF OBJECTS AND REASONS FOR ACT 7 OF 2004 The Puducherry Money Lenders Act, 1970 has been brought into force in this Union Territory with effect from 1-10-1970. After such extension, lesser rate of licence fee and fine amount were prevailing in this Union Territory. Since the rates fixed in this regard were not enhanced from time to time, the revenue to the exchequer was very low and in order to augment more revenue to the exchequer, the licence fee and the renewal fee are proposed to be enhanced from rupees 35 and rupees 25 respectively to Rs. 150 each with the ceiling limit of Rs. 500 for granting licence and its renewal. It is also proposed to provide for compounding of offences under the said Act so as to quicken process of justice. The Bill seeks to achieve the above objects. ________