Non-citizens not to carry on business of money lending

(1) Notwithstanding anything contained in section 3 and 4, no person who is not a citizen of India shall, on and from the date of publication of the Puducherry Money Lenders (Amendment) Act, 1983 in the Official Gazette (hereinafter in this section referred to as the said date), carry on the business of money lending: Provided that nothing in this sub-section shall apply to the nationals of France and of the French Union domiciled in the Union territory on the 1st November, 1954. (2) All licences granted under this Act to any person referred to in sub-section (1) shall be deemed to have been cancelled on and from the said date and all transactions of money lending carried on by such person as a money lender, shall cease from the said date. (3) Any person referred to in sub-section (1) who had obtained a licence for money lending under this Act, prior to the said date may, subject to the provisions of this Act including section 21A recover through a competent court, the loans advanced before the said date.