The Bombay Money-Lenders (Gujarat Amendment) Act, 1963

This Act may be Called the Bombay Money-lenders (Gujarat Amendment) Act, 1963.

In section 2 of the Bombay Money-lenders Act, 1946 (hereinafter referred to as "the principal Act"), in clause (11), after the words "to the debtor" the following shall be inserted, namely : - "where under the terms of contract, compound interest is charged, includes the amount of interest included in the amount actually advanced for the purposes of charging interest".

In section 6 of the principal Act, in sub-section (4),-

1. (i) for the letters and figure "Rs. 5" where they occur at two places, the letters and figures "Rs. 10" shall be substituted;
2. (ii) for the letters and figure "Rs. 2", the letters and figure "Rs. 4" shall be substituted.

In section 9 of the principal Act,-

1. (i) for the figures, letters and words "31st day of July" the figures, letters and words "31st day of December" shall be substituted; and
2. (ii) after the proviso, the following proviso shall be inserted, namely :- " Provided further that a licence subsisting on the commencement of the Bombay Money-lenders (Gujarat Amendment) Act, 1963 shall, subject to the other provisions of this Act, be valid up to the end of December 1964.".

In section 9A of the principal Act,-

1. (i) in sub-section (1), for the words "at the rate specified in the Schedule on the basis of the maximum capital utilised" the words "at the rate of one rupee per thousand rupees or part thereof, subject to a maximum of fifty rupees, on the total amount advanced" shall be substituted; and
2. (ii) the Explanation shall be deleted.

After section 9A of the principal Act, the following new sections shall be inserted, namely : - "9B. When a licence granted to a money-lender is lost, destroyed, torn or otherwise defaced, the money-lender may be granted a duplicate licence on payment of such fees as may be prescribed.

Amendment of the Schedule to the principal Act. The Schedule to the principal Act shall be deleted.

Whenever a copy of any document from the record of any application, inquiry or appeal is required by any party to such application, inquiry or appeal, it may be granted on payment of such fees as may be prescribed.". Grant of copies.

7. Amendment of section 18 of Bom. XXXI of 1947 In section 18 of the principal Act, in sub-section (4), the sentence beginning with the words "Such money-lender" and ending with the words "a separate register." shall be deleted.

8. Amendment of section 39 of the principal Act In section 39 of the principal Act,-

1. (1) in sub-section (2),-
   • (i) after clause (c), the following clauses shall be inserted, namely :- "(ca) the fees for the issue of a duplicate licence under section 9B;
   • (cb) the fees for the grant of copies of documents under section 9C";
     • (ii) in clause (g), the words beginning with the words "or any matter for" and ending with the words "provisions of this Act" shall be deleted;
2. (2) for sub-section (4), the following shall be substituted, namely :- "(4) All rules made under this section shall be laid for not less than thirty days before the State Legislature as soon as possible after they are made, and shall be subject to rescission by the State Legislature or to such modifi- cations as the State Legislature may make, during the session in which they are so laid or the session immediately following.
3. (5) Any rescission or modification so made by the State Legislature shall be published in the Official Gazette and shall thereupon take effect".