Interest and charges allowed to money-lenders

Interest and charges allowed to money-lenders.―

1. (1) No money-lender shall charge interest on any loan at a rate exceeding two per cent above the maximum rate of interest charged by commercial banks on loans granted by them: Provided that a money-lender shall be entitled to charge a minimum of one rupee as interest on any transaction. Provided further that the Government may specify, by notification, the rate of interest under sub-section
2. (1) from time to time.
3. (2) A money-lender may demand and take from the debtor such charges and in such cases, as may be prescribed.
4. (3) A money-lender shall not demand or take from the debtor any interest, in excess of that payable under sub-section (1)
5. (4) No money-lender shall give any presents, gifts, commission or any amount other than the interest provided in sub-section
6. (2) of section 4 to any depositor in connection with the deposits received by such money-lender or receive any presents, gifts, commission or any amount other than the interest and other charges specified in this section from any person to whom money is advanced.