Penalty for obtaining licence under fictitious name, carrying on money-lending business without valid licence and entering into agreement in the course of money-lending business carried on under fictitious name

Penalty for obtaining licence under fictitious name, carrying on money-lending business without valid licence and entering into agreement in the course of money-lending business carried on under fictitious name; whoever,—

1. (a) obtains a licence in the name which is not his true name or carries on the business of money-lending under licence so obtained, or
2. (b) carries on business of money-lending at any place without holding a valid licence authorizing him to carry on such business at such place, or
3. (c) enters into any agreement in the course of business of money-lending without a valid licence or under a licence obtained in the name which is not his true name shall, on conviction, be punished,—
   • (i) for the first offence, with imprisonment of either description which may extend to one year or with fine which may extend to rupees fifty thousand and five hundred or with both, and
   • (ii) for the second or subsequent offence, in addition to, or in lieu of, the penalty of Rs. one lakh, with imprisonment which shall not be less than two years, where such person is not a company, and with fine which shall not be less than rupees one lakh, where such person is a company.