Pawn broker advancing smaller amount or receiving higher interest than that specified in the accounts to be punishable.

General200237 sections

Statutory text

(1) Any Pawn Broker, who actually advances an amount less than that shown in pawn-ticket or in his accounts or registers or who takes or receives interest or any other charge at a rate higher than that shown in the pawn-ticket or in his accounts or registers or allowed under this Act, shall be punished with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which may extend to rupees fifty thousand.
(2) If a Pawn Broker is convicted of offence under subsection (1) after having been previously convicted of such offence, the Court convicting him may order his licence as a pawn Broker to be cancelled.

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