The Goa Money Lenders' (First Amendment) Act, 1988

Short title and commencement.—(1) This Act may be called the Goa Money Lenders' (First Amendment) Act, 1988.

1. (2) It shall come into force on such date as the Government may, by notification in the Official Gazette, appoint.

Amendment of section 2.—In section 2 of the Goa, Daman and Diu Money Lenders Act, 1977 (Act 14 of 1977) (hereinafter referred to as "the principal Act"), in clause (10), for the words "one thousand rupees", the words "five thousand rupees" shall be substituted.

Amendment of section 5.—In section 5 of the Goa, Daman and Diu Money Lenders Act, 1974 (Act No. 13 of 1974) (hereinafter referred to as the "principal Act"),—

1. (1) for the words "one hundred rupees", the words "five hundred rupees" shall be substituted;
2. (2) for the existing proviso, the following proviso shall be substituted, namely:— " Provided that the fee for the grant of a licence to a money lender shall be rupees five hundred if he carries on the business of money lending in the areas within the jurisdiction of a Municipal Council, and rupees two hundred if he carries on the business of money lending in any other area."

Amendment of section 7.—In section 7 of the principal Act, for the words "one hundred rupees", the words "five hundred rupees" shall be substituted.

Amendment of section 10.—In section 10 of the principal Act,—

1. (a) in sub-section (1), for the word "licence" occurring twice, the words "licence or renewal thereof" shall be substituted;
2. (b) for sub-section (2), the following sub-section shall be substituted, namely:— "(2) The application for the grant or renewal of a licence shall be made to the Registrar and shall contain such particulars as may be prescribed."

Amendment of section 13.—In section 13 of the principal Act, for sub-section (1), the following sub-section shall be substituted, namely:— "(1) A licence shall, unless it is sooner cancelled, be valid for a period of three years from the date of its issue: Provided that the licence issued before the commencement of the Goa Money Lenders' (First Amendment) Act, 1988, shall be valid for a period of three years from the date of such commencement."

Substitution of new section for section 18.—For section 18 of the Goa, Daman and Diu Money Lenders Act, 1974 (Act 13 of 1974) (hereinafter referred to as the "principal Act"), the following section shall be substituted, namely:— "18. Power of Court to limit interest recoverable in certain cases.—Notwithstanding anything contained in any agreement or any law for the time being in force, no Court shall, in respect of any loan whether advanced before or after the date on which the Goa, Daman and Diu Money Lenders (First Amendment) Act, 1988 comes into force, decree, on account of interest, a sum greater than the principal of the loan due on the date of the decree: Provided that the total amount of interest to be decreed shall not exceed the principal amount: Provided further that the provisions of this section shall not apply to the loans advanced by any bank as defined in section 2 of the Act."

Amendment of section 20.—In section 20 of the principal Act, for the words "one hundred rupees", the words "five hundred rupees" shall be substituted.

Amendment of section 25.— In section 25 of the principal Act, for the words "one hundred rupees", the words "five hundred rupees" shall be substituted.

Amendment of section 39.— In section 39 of the principal Act,—

1. (a) in sub-section (1), for the word "two hundred and fifty", the words "five hundred" shall be substituted;
2. (b) in sub-section (2), for the words "five hundred", the words "one thousand" shall be substituted.