Vidhi Codex

The Jammu and Kashmir Regulation of Accounts Act, 2001

The Jammu and Kashmir Regulation of Accounts Act, 2001

General20016 sections

The Jammu and Kashmir Regulation of Accounts Act, 2001 governs how private lenders maintain financial records and report loan details in the Union territory of Jammu and Kashmir. It applies to individual creditors issuing interest-bearing loans, while exempting banks, government institutions, cooperative societies, mortgage advances, and commercial trade loans. Creditors are legally required to maintain separate records of principal and interest for each borrower and provide them with signed account statements every six months. If a lender fails to comply, courts may penalize them by disallowing interest recovery or legal costs. This law protects borrowers from predatory practices, hidden charges, and unfair debt claims by ensuring transparency in private money lending.

Start reading →Read full ActSections
  1. 1. Short title, extent and commencement.
  2. 2. Definitions.
  3. 3. Duty of creditor to maintain and furnish accounts.
  4. 4. Penalty for non-compliance with the provisions of section 3.
  5. 5. Savings.
  6. 6. Power of Government to make rules.

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