section 138.

pratik (Querist) 20 August 2010 This query is : Resolved
1) As per money laundering act which section says that if the lience is not taken any lience under the above mentioned act than the person canno't be sued under the NI act, 1881 under the section 138. Also i have heard that if the person lends a money on interest he is bound to take a money lending license. which section says as per the money laundering act.

Or

Any case laws regarding the above mentioned most preferable of the apex court.

Thanks In Advance.

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Kiran Kumar (Expert) 21 August 2010
i dont think there would be any such law, but i would be curious to know if there is any such provision.

will certainly try to find out the fact.

DEFENSE ADVOCATE.-firmaction@g (Expert) 21 August 2010
Student querry not related to facts.

Legal requirement of legal money lending permission if not completed may lead to prosecution and conviction of the ILLEGAL money lender BUT ON THIS EXCUSE ALONE THE LIABILITY OF DEBTOR CAN NOT BE ESTINGUISEHD.