MONEY LENDING LICENSE IN JAIPUR, MONEY LENDING LICENSE CONSULTANT IN JAIPUR
If any person wants to acquire money lending license for money lending business in jaipur Rajasthan. Application is required to be made
to Sub –Divisional Magistrate where is in residing. Compliance solution professionals provide to start to end support in acquiring money lending license.
License should comply with the provisions of Rajasthan Money Lenders Act, 1963.
1. Business of money lending means the business of advancing loans whether or not in connection with or in addition to any other business.
2. Interest includes any sum, by whatsoever name called in excess of the the principle paid or payable to a money under in consideration of or otherwise in respect of a loan, but does not include any sum lawfully charged by money under for or an amount of charges or expenses in accordance with the provisions of this Act or any other law time being in force
3. Money lender means:-
- An individual
- An Individual Hindu family
- A company (not being a company) as defined in section 5 of the banking regulation act ,1949 body or institution other than such of them as may, by notification .
- An unincorporated body of individuals which Carries on the business of money lending in the state ;or Has his or its principle place of business in the state.
4. Loan means an advance ‘loan means an advance at interest, whether of money or in kind, but does not include: —
(a) A deposit of money or other property in a Government Post Office Savings Bank or in any other bank or in a company or with co-operative society;
(b) A loan to or by, or a deposit with, any society or association registered or deemed to be registered under the Rajasthan Societies Registration Act, 1958 or any other enactment, relating to a public, religious or charitable objects;
(c) A loan advanced by Government or by any local authority authorized by Govt.;
(d) A loan advanced to a Government servant from a fund established for the welfare and assistance of Govt. servants and which is sanctioned by the State Govt; 9 Rajasthan Money Lenders Act, 1963
(e) A loan advanced by a co-operative society;
(f) An advance made to a subscriber to, or a depositor in, a Provident Fund from the amount standing to his credit in the fund in accordance with the rules of the fund;
(g) A loan to or by an insurance company as defined in the Insurance Act, 1938 (Central Act IV of 1938);
(h) A loan to, or by a bank;
(i) an advance made on the basis of a negotiable instrument as defined ju the Negotiable Instruments Act, 1881 (Central Act XXVI of 1881) other than a promissory note:
(j) Except for the purposes of sections 27 and 29. (i) a loan to a trader, or (ii) a loan to a money-lender who holds a valid license;
5 Money lenders jurisdiction:-
Save is provided in section 49, no money-lender shall after the expiration of six months from the date on which this Act is brought into forces carry on, or continue to carry on, the business of money-lending except in accordance with the terms and conditions of such licence.
6 Term of licence.—
A licence shall be valid for a period of three years from the date of its issue: Provided that when an application for renewal of a licence has been received by an Assistant Registrar within the prescribed period, the licence shall, until the application is finally disposed of, be deemed to be valid.
7. Maximum amount of interest recoverable on loans and discharge of loans in certain cases.—
(1) No money-lender shall recover towards the interest in respect of any loan advanced by him, an amount in excess of the amount of principal.
(2) Any loan in respect of which the money-lender has realized from the debtor an 6 Substituted by section 5 of Rajasthan Act No. 13 of 1976, published in the Rajasthan Gazette, Part IV-A Extraordinary, dated 13-2-1976. Page 131 to 185 32 Rajasthan Money Lenders Act, 1963 amount equal to or more than twice the amount of the principal, shall stand discharged and the amount, if any, so realized in excess of twice the amount of the loan shall be refunded by the money-lender to the debtor : Provided that no refund shall be made if such excess amount had been realized prior to three years from the date of commencement of the Rajasthan Money-lenders (Amendment) Act, 1976.
Documents required to be annexed with the application
- Income Tax return for the previous three financial years.
- Resident certificate
- Character certificate in two copies( attested by gazette officer)
- Last 1 year bank statement
- Pan card of the applicant
- Aadhar card of applicant.
- Details of previous business, if any.