money laundering act.

pratik (Querist) 13 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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Manish Singh (Expert) 13 August 2010
Dear,
Its money lending act not laundering act.
anyways, the act regulates only those money lending which is done by or for professional purposes. If you have given loan to your friends or family or any other person not in the capacity of professionals but due to other reasons, you dont need to have the Money Lending License.

s.subramanian (Expert) 14 August 2010
yes. i agree with Manish.

DEFENSE ADVOCATE.-firmaction@g (Expert) 15 August 2010
Even if money lending liecense is not there and somebody has given loan still the person who recieved the maoney can not escape liability on this ground alone.

The person lending money illegally can be penalised under respective law but it will not absolve the debtor from liability.

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