Audit of accounts of Money-Lender

(1) The aciounts of every Money-Lender shall be audited atleast once in every year by such ofrcer as may be specified by the State Govemment by notification in Official Gazette, in resped of those money-lenders who have made transactions upto rupees fifty lacs and in other cases by a person who is a Chartered Accountant within the meaning ofthe Chartered Accountants Act, 1949 ot u fuio of Chartered Accountants; and the audit report shall be submitted to the Registar within such period as may be prescribed. (2) If the audit report under sub-section (l) discloses any irregularity or any contavention or non-compliance of the provisiors of this Act or the n:les made thereunder, or of any of the conditions of the registration, the Registrar to whom such audit report is submitted" may without prejudice to any other action that may be taken under any other provision of this Act, by order in writing direct the Money-Lender to take such action as may be speciied in the order within the time;rentioned therein to remedy the irregulariry, or to take such steps necessary to comply with the provisions of this Act or the rules made thereunder or of the conditions ofthe registration.