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

This Act may be called the Punjab Money Lending and Debtors' Protection Laws (Extension and Amendment) Act, 1960.

(1) The Punjab Regulation of Accounts Act, 1930, and the Punjab Debtors' Protection Act, 1936, and all rules, notifications and orders made, and all directions or instructions issucd, themunder, which are in force immediately before the commencement of this Act in the territories which, immediately before thc 1st November, 1956, were comprised in the State of Punjab are hereby ex tended lo and shall be in force in, the transferred rerritorics. (2)- With effect from the commencement or this Act, the amendments specified in column 4 of the Schedule shall be made in the Acts specified against them in column 3 thermf.

If immediate] y before the commencemenr oC this AcL [here is in'force in the transferred tenni tories any law corresponding to any of the Acts specifjcd in sub-section (I) of section 3 or rules, notifrca~ions, and orders made directions or instructions issued: thereunder, that 1 aw, including rhe Patiala Relief or Indebtedness Act; 1999 B k. and the Pepsu Moneylanders Act, 1956, shall upon thc commencement of this Act, save as othehise expressly provided in this Act, stand repealed : Provided lhat such repeal shall 11ot d l m ~ - (a) the previous operation of any Iaw so repealed or anythin2 duly done or suffered thereander ; or $1 any righ~: privilege, ohiiga~ion or iiabilily acquired: accrued or incurred ynder any law so t-epcalcd ; or (c) any penalty, forfeiture or punishment incurred in respect of any offence committed against any law so repealed ; or (dj any inq:estigation, legal procccding or rcrncdy in rcspccl oSany such right, privilege, obliga~ion, liability, penally, forki~ure ur punish men^ as ahresaid ; and any such invesrigarion, legal prnceerii ng or remedy may be i nstiluted, continued or enforced, and any such penalty, foifciture or punishment may bc imposcd, as if this Act had not bccn passcd : Provided fu~.ihcr that anyill ing done or any action taken under law so rcpealed shall be deemed to have been dnne or taken under the corresponding provision of the enactment extended by sub-section (1) of section 3 and shall continue to be in force accordingly, unless and until superseded by anything done or any action taken under the enactment so extended.

If any difficulty arises in giving effect to the provisions of any of the Acts, rules or orders or instructions or directions now extended to the territories in which they were not in force before the commencement of this Act, the State Government may, by order notified in the Official Gazctte, make such provisions or givc such directions as appcar to it to be nccessaly or expedient for the removal of the. difficulfy.

[Sea section 3 (2)] Enactments Amended

Year No. Short title

Amendments

The Punjab Regula- tion of Accounts Act, 1930.

Afier rwrion 4, inrerl [he following

section namely :-

"4-A. (1) Every creditor who receives

repzymc~t Frcxhis d e b ! o r n n = c ~ ~ ~ ~ ! ~ t '

repqlmen!!?f

any loan advanced to him, shall fortl~rvith

givc a receip~ therefor. (2) Notwithstanding anything conmined in

-

ally other enacrmcnr for (Ile lime beins in

force in any $11 il ur prnceeding relating ru i k

loan, if the c0u1-i

that he provisions

oi suir-secrion ji j nave nor been compiica

.-...

L I - - , .L- - - - A : & - -

!-

-#.-I,

-

W ~ L ~ I

uy

L ~ C U I ~ J I

I L SIMII, iri:-~e li:iiaitiff~

claim is estabiished in whole or any part,

riisallow he whole or any podion oi ~ h c

inlercst found due, as may sccrn reasonable

diC (#J:L-L

5 2 &z2:::-!;,ys u:ulE ry,:,

and rnhy r~!rn r l i 5 3 ! ! 0 ~ cnq15- (3) The Provisions of [his section shall not

apply LO any loan madc bcfore the

commcact..rncnL

of

rhc

Punjab

Moneylending, and Debtors' Protcc~ion

Laws (Extension and Amendmen0 Act,

1960, unless any fresh transaction in respect

of such ioan is made after such

commencemen[."

1936

The Punjab Debtors' Protection Act,

1936

(1) Sections 4, 5, 6, 6A, 7 and 8 shall be

omitted and in section 10, aftcr clause (2),

the

following

clause

shall

be

added :- "(3) sub porlion crT ih~; judgcm~nr dcbtor's

land, not exceeding fiFty perccntum thereof,

s,hall not bc liable to ilttachmcnl ur sall: i l l

h e execurion of a decree for the payment Fif money as in h e opinion of rhc court,

having regard to the judgement-deblor's

incornc frdm all sourccs exccpt such income

as is dependent on the will of anolhcr

person. is sufficient to provide for rhe

rnainlenance of the judgemcn~ debt~r and

the members of his family w h o arc

dependent on him." (2) Af~ersection 11A,

insert the following

seclions. namely :- "1 ln. l'he Court may, al any rime on h c

p,,,,

lo

apliLn~ian of a judgment-dcb~or, after notice

direcr

id Uic cir-crc~-holi~i,

i i i ~ ~ i

i h ~ i

i k , ~

Giciiiiiii

pvment nf

dccre tal

cf ~ : j '

i I 2 ~ ; t ~

~;Ls:z~: iigiiiii3: hiii;, 'i,'h~ih~: ~ , ~ ~ u c ~ l ,

by

before or afier the commenccment of-the ,

instalment.

Punjab Moneylending and Debtors'

Protectio?

Law

(Ex~ension and

Amendment) Act, I Qhn: in reqpect nf a [oan

shall be paid in such numbcr of instalments

and subject io such contiitit~ns, on the dales

fixcd by il, having regard to ihc

circu~nstiinccs of tllr judgement debtor and

lhc amounr of !he dccree, as it considers fit.

During The pendcncy of an enquiry under

1hi5 swtion, Lhc court may, subject 10 such

conditions as it may impose, ordcr

the stay o f erccutiun of thc dccrcc.

Such 0rd.r shall be deem"

clro ha\?

been'passcd under scction 47 of the

,

'

Code of Civil Procedure, 1308.

,

m

.

1 IC. No money lender sh311 receivr:

,

frnm a dcbtor nr intending deh!or any

sum oLher than reasonablr costs of

investigatio~

tilie to the property,

cosls

of

stamp, registration

of

docunlc~its a11d atlicr usual our of

'

pocket expcnscs in cases where an

agrcemcnt

between

rhc

parties

includc.~ rr stipulation h a t property

I

I

i r ro be given as security or by way

1

1

of rnar!gsgc and where both pattics

I

I~~jable

under any IXF fa: rhc rime king

I

In force."