Do lenders need "money lender license", who lend through peer 2 peer lending websites?
Sunny
(Querist) 04 March 2016
This query is : Resolved
Just clarify that which law (section, subsection of the particular Act), latest case-law states that people can lend money professionally through such platforms. Be it crowd funding or Peer 2 Peer funding or whatever name.
I want to invest my money through these platforms and want to know that whether Money lender Act would be applicable at me or not?
Whether I would be able to sue the defaulters in the Court of law or not?
So please help, if you can. I would be thankful.
Guest
(Expert) 04 March 2016
Academic query.
Sunny
(Querist) 04 March 2016
PS Dhingra, Sir, what do you mean by Academic query?
I want to invest my money through these platforms and want to know that whether Money lender Act would be applicable at me or not?
Whether I would be able to sue the defaulters in the Court of law or not?
How come this becomes Academic query?
And sir, every query has some Acedemic base, if not then why the lawyers are taught for years in Academies?
So please help, if you can.
I would be thankful.
Really.
Guest
(Expert) 04 March 2016
Mr. Sunny,
If you really want to invest your money through these platforms, evidently that would not be a mall amount that would justify your casual query for casual advice. Yours is a commercial query for which you have the need to discuss thoroughly with some CA or the company secretary.
However, if you want to know the definition of academic query, the meaning would be available in plenty of English disctionaries. You may go through them to see for yourself. Even otherwise, such questions are put only by students without discussiong the background of the case and other needed details, when their is no real life problem.
Even if you was to know about, whether you would be able to sue the defaulters in the Court of law or not, that is quite a premature stage. When seed has not been sown, how you anticipate any problem that too without there having arisen any cause.
Better discuss all the pros & cons of your propoed investment by hiring services of some local consultant before you unvest your money.
Sunny
(Querist) 04 March 2016
PS Dingra sir, it is my request to you, if you do not wanna reply, kindly do not do, that is really your choice.
But do not try to diffuse a serious question by declaring it "Casual Question" or "Academic Query" or "Commercial Query"whatever.
I wanna invest my money and should not I know before-handedly that whether I would be able to recover my money legally or not?
What is Academic or Casual or Commercial in it?
Or do you believe that someone should enter into a deal without knowing whether he is gonna lose his money or gain in the future?
Or if he wanna know the laws related to that deal, it becomes a "Academic query".
Really!
Instead of choosing to reply or not to reply, what is this attitude of diffusing a simple question or questioning the intentions of the questioner?
Amazing!
Guest
(Expert) 04 March 2016
Your Query Confirms that You afford to have a Paid Legal Guidance from Local Good Advocates.
Sunny
(Querist) 04 March 2016
NJS Rajkumar ji, sir my query confirms nothing what you say, one can invest even 10 K through a Peer2Peer website. It is not necessary that one should have tonnes of money to start investing.
Guest
(Expert) 04 March 2016
Mr. Sunny,
Acting smart may not justify your stand. Your very first part of the sentence, "which law (section, subsection of the particular Act), latest case-law states" indicates very clearly that you are a law student and just trying in vain to pose that you are a prospective investor.
By the way, syppose you are not a law student and have asked as a prospective investor and you are told about the section, subsection of the particular Act and the latest case-law," what would you do with that as a layman investor, more particualrly the case law? Moreover, case laws are sought only by the law students to solve their academic questions.
Still further, when you don't have any such problem at present, your question, "Whether I would be able to sue the defaulters in the Court of law or not," is merely an academic exercise to be solved by a student.
Not only that, even your query as well as clarification are contradictory in themselves. Don't you think that there is any difference between a lender and an investor?
Further, if you are informed that money lender act will not be applicable to you, would you invest money through those platforms without verification of their credentials?
When you have the desire to invest through those platforms, instead of several other reliable channels, and intend to sue the defaulters in the Court of law, why not depend upon your luck?
So, yours is purely a student's academic query. If not, as I already advised you, hire services of some local expert to discuss in detail about your needs and doubts.
Sunny
(Querist) 04 March 2016
PS Dhinra ji, Now I am sure that neither you understand my question nor you know the answer. Just trying to be personal from the very first point.
Sir, if you cannot help, it is okay. why trying to be aggressive.
I have nothing personal with you.
And it is your mis-conception that only a law-student knows Acts/ laws/ Sections/ Subsections. These are internet times dear sir, come outta your misconception. People may come here from all walks of life.
Now I request you not to be personal further.
From the very first point you have not helped at all and got engaged in meaningless talk. Kindly help if you can and if you cannot or do not feel like do not engage in meaningless, pointless talks further.
Sunny
(Querist) 04 March 2016
PSDhingra ji, I pose one more challenge to you, if you can accept. I live in Delhi. Come anywhere in Central Delhi at any Public place and meet me, I will bring my ID's with me and my visiting card and will give you my whereabouts and details of my business and if you can prove that I am a Law-student,I belong to some Law Academy or an Advocate, I will give you Rs.One Lakh on the spot or you will give me even the half i.e Rs.50000/-
And if you cannot accept my challenge, then stay away from some casual remarks.
People are here for some serious Life questions and here I am getting Experts who get engage in some pointless things.
Sudhir Kumar, Advocate
(Expert) 05 March 2016
“Just clarify that which law (section, subsection of the particular Act), latest case-law states that people can lend money professionally through such platforms. Be it crowd funding or Peer 2 Peer funding or whatever name.”
Money lender act is available on internet.
This query was put without introducing any fact as to how the queriest is suffering/fearing any loss.
He has not at all stated anything about the websites where he is going to put his money. He cannot expect experts to be aware of all such websites.
It is widespread that some “fly by night” companies seek investments through internet leaving the investors with experience with no money left.
Mr Dhingra is generally seen quick to respond when convinced that someone really needs his advise.
Since this is free advisory forum the experts including Mr Dhingra cannot be expected or compelled to answer.
The querist has to understand that atleast Mr Dhingra and Mr Narasimha had alreast responded that the query is not suited for this website.
There should have been no justification to show any discourtesy to them.
Rajendra K Goyal
(Expert) 05 March 2016
Commercial query, discuss in detail and get guidelines from local consultant.
R.K Nanda
(Expert) 05 March 2016
commercial query.
Guest
(Expert) 05 March 2016
Mr. Sunny,
I fully understood your question, but you have failed to reply my questions due to your vague query.
About your challenge, it is from your side. So why should you expect me to come to your place just to accept the challege. You are free to send me your ID, address proof and busines or profession with afddress through email. I shall verify the facts myself.
But, you have not replied my question, if "told about the section, subsection of the particular Act and the latest case-law," what will you do with that, more particularly, when you have stated that you are neither an advocate nor a law student.
Your question should have been straight for advice, whether you should invest or not and that too by referring to the particular platforms/ websites, so that the experts would have checked with their terms & conditions on legal angles. When you are unable to discriminate between the terms investment and lending, how can you make anyone to understand your question, particularly when you don't give any description of the companies, their offers, terms & conditions, your intention to invest what amount for funding such companies with what type of business.
Sudhir Kumar, Advocate
(Expert) 05 March 2016
I partially disagree with Mr Dhingra.
This forum cannot check the credential of any website seeking investment.
The queriest has to understand that he is not giving description of any company without that even a financial investigation forum cannot give any views.
Such query can be handled by a prashanashatri astrologer.
Dr J C Vashista
(Expert) 08 March 2016
There is no point in dragging the query further, which is otherwise, not only academic but also commercial, for that the author need (and advised) to consult "paid" services of consultant(s) and stop this thread.
