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Renting money on intrest

(Querist) 09 July 2014 This query is : Resolved 
i am interested to lent money to one of my known person against interest. so what should i write on stamp paper and other formality that i must take care for safe heaven of my money.
R.K Nanda (Expert) 09 July 2014
execute pronote in ur favour.its printed forms are available in market.also affix revenue stamps on it.
Advocate Bhartesh goyal (Expert) 09 July 2014
Get a promissory note along with receipt of loan amount and also a cheque duly signed by your known person for the same amount.
Rajendra K Goyal (Expert) 10 July 2014
Promissory note need to be executed. Post dated cheque is also an alternate.
V R SHROFF (Expert) 10 July 2014
REMEMBER: MONEY PARTED is always unsafe and gone case.

Precautions are:
1]Pay by cheque
2] Pro note
3] PDC cheques with forwarding letter of repayment of it, confirming hand loan repayment, and enough fund in bank a/c, in advance..

Collect int in cash in advance only. no receipt.

Opp party can raise a point that " YOU ARE NOT HAVING MONEY LENDING LICENCE...!!

sc DISCOURAGE ml/ CASH HAND LOANS U/S 138NI

ajay sethi (Expert) 10 July 2014
agree with Mr shroff
Raj Kumar Makkad (Expert) 14 July 2014
I have also the similar opinion.


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