Money lending license

Querist : Anonymous (Querist) 23 November 2022 This query is : Resolved
I am interested to start money lending business in west Bengal, please guide me how do I get a license of money lending.

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Quick Summary

To start a money lending business in West Bengal, you'll need to apply for a licence. The process involves submitting an application to your local Sub-Registrar or Registrar, using a specific proforma. The exact authority and local laws governing money lending are determined by the State Legislature, as it falls under the State List of the Constitution.

kavksatyanarayana (Expert) 23 November 2022
You shall submit an application to the Sub Registrar/Registrar of your jurisdiction. There is a proforma, ask them and fill in it. In some places, the Tahsildar is competent.

Dr J C Vashista (Expert) 24 November 2022
Local laws apply for grant of money lending licence according to Entry 30 of List II (i.e., the State List) of the Seventh Schedule to the Constitution of India 1949. The State Legislature has the exclusive authority to establish legislation governing money-lending businesses .

P. Venu (Expert) 26 November 2022
The query suggests no legal elements.

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