Damdupat.

Querist : Anonymous (Querist) 17 April 2011 This query is : Resolved
Short title and extent. This Act may be called the Usurious Loans Act, 1918 .
(2) It extends to the whole of India except 2[ (the territories which, immediately before the lst November, 1956 , were comprised in Part B States) 3[ .
(3) The State Government may, by notification in the Official Gazette, direct that it shall not apply to any area, class of persons, or class of transactions which it may specify in its notification.

1) Usurious Loans Act, 1918 is applicable to th state of maharashtra.

2) (the territories which, immediately before the lst November, 1956 , were comprised in Part B States) pls how to known that which states were under Part B before 1 Nov, 1956. Pls or can i hve the list here.

3) The State Government may, by notification in the Official Gazette, direct that it shall not apply to any area, class of persons, or class of transactions which it may specify in its notification. Is any notification has been passed by any state goverment or not & how to known that the state goverment has passed any notification Pls. Specially for state of maharahstra & than for other states.

4) The Usurious Loans Act, 1918 is repealed or still in force. & Rule of Damdupat is still in force & is not appliable to House loan & Personal Loan ?

Thanks.

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Kiran Kumar (Expert) 17 April 2011
Rule of Damdupat has largely been denounced by various High Courts.

if the interest is to exceed the principal then no debtor will be ever pay off his debt easily...no prudent state can let economic exploitation to occur to its citizens.