Civil Procedure Code (CPC)

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BABU (CONSULTANT)     29 July 2021

Issue with my customer at finance(thandal) business

I am running 5 months old finance called thandal to small shop people of giving 10,000 to 50,000 online and getting daily online payment of Rs 100/day for 100 days for 10,000 and Rs500/day for 100 days for Rs50,000 now one saloon shop brothers got Rs30,000+Rs50,000 from me but they return back only Rs30,000 till now, but still Rs 50,000 has to pay. Almost 150 days left they are not responding now, any solution to recover my money now. I have given at a Interest of Rs 2.50 per 100 rupees. Please suggest how to get my money only proof I have is they have shared bank details to my Whatsup and I have credited to his account please suggest how to get back my money.



 5 Replies

Dr J C Vashista (Lawyer)     30 July 2021

Commercial question.

Consult a local prudent lawyer.

G.L.N. Prasad (Retired employee.)     30 July 2021

Whether your business is having a money lending license or permission by RBI and whether collecting such high interest is legally permissible?  Contact a local advocate as any pressure from you without a valid license for such money lending business may subject you to arrest and other action by Police.

 

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     30 July 2021

Without proper loan documents, it is difficult to contest such cases without proper documentation in the courts.Mutually, friendly try to recover from them. That is the soluton in this case.

P. Venu (Advocate)     31 July 2021

"Interest of Rs 2.50 per 100 rupees" - is it per year or per month or per week............?

 

G.L.N. Prasad (Retired employee.)     31 July 2021

No surprise if it is per day, as it is the practice in this type of "Thandal" money lending.  They will advance amounts up to Rs.10,000/- to those pushcart and vegetable vendors and they will deduct advance interest in principal and this Rs.10,000/- has to be paid in 100 days and daily they start collecting such amounts from 8.00 P.M.from every vendor, if there is a day failure borrower has to repay Rs.2-50 +Rs.100 the next day.  In many states, it was declared that this type of business is illegal and a police complaint can be filed.  In spite of all these, with muscle power, the business is thriving and no one bothers until a suicide takes place due to harassment of their ladies or confiscation of the valuables present in the house. 


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