scorecardresearch
Follow Us:
Friday, August 19, 2022

Centre clears money lenders Act

The Bill was passed in April 2010 by the state legislature following a spike in the number of suicides by farmers in Vidarbha.

The Bill was passed in April 2010 by the state legislature following a spike in the number of suicides by farmers in Vidarbha. (PTI) The Bill was passed in April 2010 by the state legislature following a spike in the number of suicides by farmers in Vidarbha. (PTI)

After a delay of four years and several changes, the controversial Maharashtra Money Lending (Regulation) Act aimed at checking the exploitation of farmers by private money lenders was cleared by the Centre on Friday.

“The state government will strictly enforce the act. It will go a long way in stopping the exploitation of farmers by money lenders,” Maharashtra Home Minister R R Patil said.

In August, 2013, the Bill was sent to Centre the for seventh time after incorporating changes suggested by the Centre, which had objected to the overlapping of several provisions with central laws, including the Reserve Bank of India Act, Companies Act and the Banking Act.

The Bill was passed in April 2010 by the state legislature following a spike in the number of suicides by farmers in Vidarbha. The law proposes a penalty of Rs 50,000 and five-year imprisonment for illegal money lending activities. Licensed money lenders will also have to strictly adhere to money-lending norms and would attract a penalty of up to Rs 25,000 and imprisonment of up to one year in case of violations.

Subscriber Only Stories
Delhi Confidential: Rajeev Chandrasekhar takes a break from work for a sp...Premium
Hamid Karzai: ‘After Taliban takeover, I told Indian envoy not to l...Premium
Experts Explain: An India Blockchain PlatformPremium
Long road ahead: From I-day speech to women’s workPremium

First published on: 12-01-2014 at 03:43:31 am
Next Story

Activists hit the streets to protest rising cases of crimes against women

Featured Stories

Advertisement
Advertisement
Advertisement
Advertisement