Vidhi Codex

The Punjab Regulation of Accounts Act, 1930

The Punjab Regulation of Accounts Act, 1930

General19306 sections

This law requires creditors who lend money to traders, companies, or co-operative societies to keep detailed records of all loans and provide customers with regular account statements every six months. The Act applies to anyone who advances loans at interest to these specific types of borrowers. It matters because it gives borrowers clear visibility into their debts, creates documentation to prevent disagreements, and ensures fair financial transactions between lenders and borrowers in the territory covered by this legislation.

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

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