raj kumar ji (LAW STUDENT ) 25 March 2011

money bond on stamp paper

RESPECTED SIR,

I GAVE A RS.10000(TEN THOUSAND ) ON A INTEREST OF 6% PER MONTH .TO MY FRIEND AND I ALSO WRITE ON A STAMP PAPER ON A 10 RS . IN THIS I WRITE ALL THE CONDITIONS .IN THE PRESENCE OF TWO WITNESSES .THIS IS A SIMPLE MONEY BOND .AND THE PARTY WHO INDEBETED THE MONEY ALSO SIGHN ON THAT PAPER .

NOW THE QUESTION IS THAT IF THE PARTY DENY TO RETURN THE MONEY OF TEN THOUSAND AND ALSO INTEREST NOW WHAT SHOULD I TAKE ACTION FOR THAT PERSON ????????????

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8 Replies

adv. rajeev ( rajoo ) (practicing advocate) 25 March 2011

When you are claiming interest on the sum paid to your friend amounts illegal money lending i.e., money lending without license. so even if you filed civil suit for recovery of money such suit itself is not maintainable.

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE ) 25 March 2011

You need persons like Mr Rajoo for answers to such questions.

sanjay kumar (BE/ LLM in Corporate Laws) 25 March 2011

In my opinion, there are two parts in the contract--principal amount and interest. If your friend has acknowledged the receipt of Rs.10000/- ,he is bound to pay that money. Only interest part is doubtful as pointed out by Mr.Rajeev. In such a case, part of your contract i.e. interest part will be void whereas the principal amount will be lawful.

T.KRISHNARAO (MANAGING PARTNER) 25 March 2011

Mr Raj kumar ji

This ref to the rajoo's reply .and your question .

In general a pronote itself is sufficient with a signature on one rupee stamp and a witness is sufficient for your transaction . getting typed on 10/- rupees bond paper is not required.

Any how you have to get back the amount , then you have to file a recovery suit .

Please consult with your local advocate in the matter for further steps .

regards .

T.KRISHNA RAO

sanyojanee deshmukh (Lawyer) 26 March 2011

Hello sir,

Do have any article related to money lending license ? can you pls forward me if u have it ?

Which act shd i refer for more information ?

Thank you

T.KRISHNARAO (MANAGING PARTNER) 27 March 2011

Mr deshmukh

In my opinion we have to form a firm with a 13 members if I am correct you have to prepare aby law that article of association having doing the business of finance inclusive of giving for lease / payments for interest etc and

but capital investment accepting deposits and other few terms are governed by RBI and needs permission .

regards

T.KRISHNA RAO

raj kumar ji (LAW STUDENT ) 29 March 2011

thanks to all of u but i m not fully satisfied with our all frnds advice .

pratyush 07 April 2016

One of my friends is in USA and his wife is in India.His wife is expecting some money from his husband so that she can take a land and construct a house in Hyderabad.But she wants to keep the property on her name and she is ready to pay back in the future (interest & Principal amount) to her husband.Now what sort of loan contract should be created between wife and husband and the loan contract should be trouble free even in case there is any problem in the future like divorce/separation etc.