Amendment status not verified — confirm the current text below against the official source.
Repealed by Central Act 3 of 1951. Central Act 26 of 1881. [Act No.V of 1349 F.] 3 (h) a sum of money payable to a trader by a person other than a cultivator or a labourer for articles sold on which interest is charged by reason of non-payment on due date; (5) ‗principal‘ means the amount of loan actually advanced to the debtor; (6) ‗interest‘ includes the return to be made expressly or impliedly in excess of the actual amount of loan advanced; (7) ‗money lender‘ means a person including a pawn- broker, who, within the meaning of this Act, only advances loan in the ordinary course of his business or does so along with other business, and shall also include the legal representative of such person and the person claiming to be his representative on the ground of succession or assignment or otherwise; (8) ‗pawn-broker‘ means a person who in the ordinary course of his business advances loan and takes goods in pawn as security for payment of such loan; (9) ‗trader‘ means a person who in the ordinary course of his business buys and sells goods and property and shall also include the following persons:- a wholesale dealer and retailer, a commission agent, a broker, a controller of factory, a contractor, 4 [Act No.V of 1349 F.] a factory owner, but shall not include a person who sells only his non- agricultural produce or cattle or buys agricultural produce or cattle for his own use; (10) ‗cultivator‘ shall mean a person who is a member of the agricultural class within the meaning of the 5Prevention of Agricultural Land Alienation Act No.III of 1349 F. and whose main source of livelihood is agriculture; (11) ‗labourer‘ shall mean a person who earns his livelihood merely by physical labour and who receives wages in cash or in kind not exceeding one rupee per day or thirty rupees per month; (12) ‗prescribed‘ shall mean prescribed by rules made under this Act; (13) ‗stranger‘ means a person who is not a citizen of India within the meaning of the Citizenship Act, 1955 (Central Act 57 of 1955). 2-A. (1) No money-lender who is a stranger shall carry on the business of money-lending from 18th Khurdad 1355 F. (2) All licences granted under this Act to the money- lenders referred to in sub-section (1) shall be deemed to have been cancelled from 18th Khurdad 1355 F; and all transactions of money-lending carried on by such persons as money-lenders shall cease from the said date. Such money-lenders shall not be entitled to refund of licence fee or to compensation on account of cancellation of licences.