The bombay money lending act 1946

Querist : Anonymous (Querist) 06 January 2012 This query is : Resolved
I want to know that what was the rate of interest from 2003 to 2008 in gujarat as per The Bombayy Money lending Act. If any circular about this please provide.

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Raj Kumar Makkad (Expert) 06 January 2012
Interest rates chargeable by moneylenders are either fixed by Statute or the Statutes empower the respective Governments to fix the interest rate by issue of notification from time to time. The same forms a bench-mark for the Courts to determine whether the interest rates charged are excessive in the given facts and circumstances of a case. The Courts are also empowered to examine whether or not interest rates charged on a loan transaction are excessive under a central legislation, namely, the Usurious Loans Act, 1918, wherein guidelines for determining what is ‘excessive’ have been provided in terms of Section 3(2) of the said Act. Some States have provisions empowering the Courts to limit the amount of interest to a sum less than the principal of the loan while passing a decree and also for reopening of transactions.

prabhakar singh (Expert) 06 January 2012
To me your question seems absurd,how The Bombayy Money lending Act shall be applicable in GUJRAT.
Be sure what you really want to know?????

Rajeev Kumar (Expert) 06 January 2012
It seems a absurd query

Raj Kumar Makkad (Expert) 07 January 2012
Bombay Money Lending Act is applicable in Gujarat prabhakar singh ji because earlier Gujarat was part of Bombay.

Deepak Nair (Expert) 07 January 2012
Riglty said by Mr.Makkad. A number of such acts are commonly applicable to maharashtra and Gujarat.

ajay sethi (Expert) 07 January 2012
yes Bombay was one state . subsequently 2 states formed Maharashtra and gujrat . In 1946 when money launderina act was passed it was one state and would be applicable to presen day gujrat too

Sailesh Kumar Shah (Expert) 08 January 2012
Rightly answer by Makkad Sir.

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