Vidhi Codex

The Punjab Money Lending and Debtors' Protection Laws (Extension and Amendment) Act, 1960

The Punjab Money Lending and Debtors' Protection Laws (Extension and Amendment) Act, 1960

Finance19605 sections

This Act extends two previous laws regulating money lending and protecting debtors across transferred territories that were part of Punjab before November 1, 1956. The Punjab Regulation of Accounts Act, 1930, ensures creditors provide receipts for loan repayments, while the Punjab Debtors' Protection Act, 1936, limits attachment of debtors' property during legal proceedings. The Act also schedules amendments to these original laws and provides governmental authority to remove difficulties in implementation. It repeals any corresponding local laws while preserving existing rights, liabilities, and legal remedies. This legislation aims to maintain consistent debt regulation standards throughout religiously divided states established upon reorganization.

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  1. 1. Shorl title.
  2. 3. Extension of certain mnney lending ilnd debrcirs pro~ection laws to tmnsfcrrcd terri~ories.
  3. 4. Repeal and savings.
  4. 5. Power to remove difficulties.
  5. Schedule. SCI EDULE.

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