Amendment status not verified — confirm the current text below against the official source.
Interest and charges allowed to pawnbrokers.-*[(1) Notwithstanding anything contained in the Decree dated 22nd September, 1935, no pawn broker shall charge interest in respect of a loan on a pledge at a rate exceeding such rate as the State Government may, by notification, fix from time to time: Provided that the rate of interest, as may be fixed by the State Government, shall be correlated to the current bank rates of lending, as may be fixed by the Reserve Bank of India, from time to time.] (2) A pawnbroker may demand and take from the pawner such charges and in such cases as may be prescribed. (3) A pawnbroker shall not demand or take from the pawner any profit, interest, charge or sum whatsoever, other than the interest due to him and the charges, if any, referred to in sub-section (2).