Bare Act

The Andaman and Nicobar Islands Money Lenders Regulation 1956

The Andaman and Nicobar Islands Money Lenders Regulation 1956 governs the business of private money lending across the union territory of Andaman and Nicobar Islands. It requires individuals and institutions lending money to obtain official licenses, keep clear transaction records, and comply with capped interest rates. The law applies to private lenders and local borrowers, establishing regulatory oversight over informal financial dealings. This regulation matters because it protects citizens from exorbitant interest charges, coercive debt recovery, and unfair lending practices, thereby safeguarding vulnerable communities and fostering a fair, transparent financial environment in the territory.