money transaction matters

Kebom Taso (Querist) 11 November 2010 This query is : Resolved
many people are involved in corrupt practise of lending money to need ful persons on higher rates of intreset like 5% or 10% or 20% per month..
so i would like to know is
a)what is the actual rate of intrest recognised by the law of india and
b) which Act/book i need to go through to know about the actual rules for this matter.
c) which Act governs the monetry or interest matters in india..

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Arvind Singh Chauhan (Expert) 11 November 2010
You didn't mentioned to which state you belong to. In some states unlicensed money lending is barred.

Kebom Taso (Querist) 12 November 2010
sir, i am from Arunachal Pradesh(india)..so i wanted to know about this matter as in my state this practise is increasing day by day..so please can you share me some knowledge on this matter.

Sri Vijayan.A (Expert) 12 November 2010
In TN, seperate Act is there

Khaleel Ahmed Mohammed (Expert) 17 November 2010
For money lending business you have to take valid licence.

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