The Andaman and Nicobar Islands Money Lenders Regulation 1956

(1) This Regulation may be called the Andaman and Nicobar Islands Money-lenders Regulation, 1956. (2) It extends to the whole of the Andaman and Nicobar Islands. (3) It shall come into force on such date as the Chief Commissioner may by notification in the official Gazette appoint.

Definitions. - (a) "bank" means a banking company as defined in the Banking Companies Act, 1949 and includes the State Bank of India constituted under the State Bank of India Act, 1955; (b) "Chief Commissioner" means the Chief Commissioner of the Andaman and Nicobar Islands; (c) "Company" means a company as defined in the Indian Companies Act, 1913 and includes any company formed and registered outside India; (d) "Co-operative Society" means a co-operative society registered or deemed to be registered under the Co-operative Societies Act, 1912, or under any other law for the time being in force in any State for the registration of co-operative societies; (v) an advance made to a subscriber to, or depositor in, a Provident Fund from the amount standing to his credit in the Fund in accordance with rules of the fund; (vi) a loan to or by an Insurance company as defined in the Insurance Act, 1938; (viii) an advance made on the basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881, other than a promissory note; (ix) a loan to a trader, if the amount of the loan exceeds Rs. 20,000 (j) "money-lender" means a person other than a bank (i) who carries on the business of money-lending in the Islands or (ii) who has a place of such business in the Islands, and includes a pawn-broker; (k) "money-lending business" or "business of money-lending" means the business of advancing loans whether solely or in connection with any other business; (l) "pawn-broker" means a person who carries on the business of taking goods and chattels in pawn for a loan; (m) "pawnor" means a person delivering an article for pawn to a pawn-broker; (o) "prescribed" means prescribed by the Chief Commissioner under this Regulation; (p) "principal" in relation to a loan means the amount actually lent to the debtor; (q) "Provident Fund" means a Provident Fund as defined in the Provident Funds Act, 1925 and includes a Government Provident Fund and a Railway Provident Fund as defined in that Act