Ramkishor Bang 13 June 2018

moneylending

how to start moneylending business in rajsthan ?

1 Replies

Vanshika Kapoor 16 June 2018

To start a money lending business in Rajasthan, you will have to take care of the following particulars and licenses according to THE RAJASTHAN MONEY-LENDERS ACT, 1963 (RAJASTHAN ACT NO.1 OF 1964)

THE RAJASTHAN MONEY-LENDERS ACT, 1963 (RAJASTHAN ACT NO. 1 OF 1964)

4. Register of money-lenders. — Every Assistant Registrar shall maintain for the area of his jurisdiction a register of money-lenders in such form as may be prescribed:

Provided that any such register maintained in any area immediately before the commencement of his Act under the provisions of the enactments repealed by section 49 shall, in so far as it is not inconsistent with this Act or the rules made thereunder, be deemed to have been maintained under this A7ct.

5. Money- lenders not to carry on business of money-lending except for area

under licence and except in accordance with term of licence.--Save is provided in section 49, no money-lender shall after the expiration of six months from the date on which this Act is brought into forces carry on, or continue to carry on, the business of money-lending except in accordance with the terms and conditions of such licence.

6. Application by money-lender for grant or renewal of licence. — Every money-lender shall make an application in the prescribed form for the grant of a licence to the Assistant Registrar of the area within the limits of which the place, where he intends to carry on the business of money-lending, or, if he intends to carry

on such business at more than one place in the area, the principal place of such business, is situated.

(2) Such application shall contain the following particulars, namely: —

(a) the name in which such money-lender intends to carry on business and the name of the person proposed to be responsible for the management of the business;

(b) if the application is by or on behalf of —
(i) an individual, the name and address of such individual;
(ii) an undivided Hindu family, the names and addresses of the manager and the

adult coparceners of such family;
(iii) a company, the names and addresses of the directors, manager or principal

officer managing it;
(iv) an un -incorporated body of individuals, the names and address of such

individuals;
(c) the area and the place or principal place of the business of money- lending in

the State;
(d) the name of any other place in the Slate where the business of money-

lending is carried on or intended to be carried on;
(e) whether the person singing the application has himself, or any of the adult

coparceners of an undivided Hindu family or any director manager or principal officer of the company or any member of the un-incorporated body on behalf of which such application has been made, as the case may be. has carried on the business of money-lending in the State in the year ending on the 31st day of March immediately preceding the date to the application either individually or in partnership or jointly with any other copartner or any other person and whether in the same or any other name;

(f) the total amount of the capital which such person intends to invest in the business of money-lending in the years for which the application has been made;

(g) if the places at which the business of money-lending is to be carried on are more than one, the names of persons who shall be in charge of the management of the business at each such place;

(h) such other particulars as may be prescribed.

(3) The application shall be in writing and shall be signed, —
(a) (i) if the application is made by an individual, by the individual;

(ii) if the application is made on behalf of an undivided hindu family, by the manager of such family;

(iii) if the application is made by a company or un-incorporated body, by the managing director or any other person having control of its principal place of business in India or of its place of business in the area in which it intends to carry on the business; or

(b) by an agent authorized in this behalf by a power of attorney by the individual money- lender himself, or the family or the company or the un- incorporated body, as the case may be.

(4) The application shall be accompanied by a licence fee at the following rates:

a. if the place at which the busi- ness of money-lending is to be carried on is not more than one Rs 15/-

b. if the business of money- lending is to be carried on at more than one place within the limits of the area of the Registrar.

Explanation. — For the purposes of this section, "place" means, in relation to the business of money-lending, the shop or address or place at which the money-lender carries on his business of money-lending.

(5) The fee payable under this section shall be paid in the manner prescribed and shall not be refunded, notwithstanding the fact that the grant of the licence is refused or the application is withdrawn.

(6) An application for the renewal of a licence previously granted under this Act shall be made within two months before the expiration of the term thereof to the Assistant Registrar referred to in sub-section (1) in the prescribed form and containing the prescribed particulars:

Provided that where an application is made after the expiry of the period specified in this sub-section, it shall be accompanied by a licence fee at double the rates prescribed therefor.

(7) Save as otherwise provided in this Act, the provisions thereof shall, as far as may be, apply to the renewal of licenses and to renewed licence in the same manner as they apply respectively to the grant of licence granted originally.

(8) Where a licence granted to a money-lender is lost, destroyed or torn or

principal place of business, and Rs. 6/- for the licence for each of the other places in the area.

otherwise defaced in such manner as to reader it illegible, the money-lender may obtain a duplicate licence in the prescribed manner on payment of such fee as may be prescribed.