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adv. rajeev ( rajoo ) (practicing advocate)     30 August 2011

Ni act- money lending license

Dear Learned Members,

Unauthorised money lending does not attracts NI AC sec 138.  Kindly upload the supreme court judgment.  Thnaks to all in advance. 


 48 Replies

pratik (self working)     30 August 2011

Sir u want to say Unathorised means the money which has not shown under the Income Tax Return. 

If No sir than what does unathorised means 


1 Like

Ankit @mka.asr (Prop)     31 August 2011

Dear Rajeev, What is meaning of unauthorised money in case of NI138. How we can prove unauthorised money lending in defence of NI 138?

1 Like

Anil Agrawal (Retired)     31 August 2011

Not aware of supreme court judgement. But please see this judgement.


Attached File : 17909 206173 52 o prabhakar kawane on 21 november 2009 1 .pdf downloaded: 880 times
1 Like

Anil Agrawal (Retired)     31 August 2011

Also, Kerala HC judgement. Please download. Not only individuals, even a regd private or public limited company can't be a money lender without a licence and can't file 138 case if cheque bounces. As a matter of fact, the compay or individual ought to be prosecuted. Why they are not, is as good your guess and mine. In Maharashtra, the Bombay Money Lending Act, 1948, is administered by the Registrar of Cooperative Societies and we all know what happens there.

Attached File : 17909 206174 29 kerala money lenders judgement.doc downloaded: 582 times
1 Like

adv. rajeev ( rajoo ) (practicing advocate)     03 September 2011

Dear Members

Unauthorised money lending means running money lending business without having the money lending lincense .

Ankit @mka.asr (Prop)     03 September 2011

Dear Rajiv, If some one is saying he has lent Friendly loan of Rs 1 lac to his friend. This friendly loan is also covered under Money lending Act? That person needs money lending Liecence also?

adv. rajeev ( rajoo ) (practicing advocate)     06 September 2011

Friendly loan ( Hand Loan) without interest does not requires money lending license, if he charges interest then it requires money lending license.

Anil Agrawal (Retired)     06 September 2011

Can a private person file a complaint in  a court against a company for carrying on money lending business without money lending licence?

Ankit @mka.asr (Prop)     06 September 2011

What is definition of Friendly Loan(Hand Loan). How stranger person can lend Loan of Rs 1 Lac without signing any Loan Agreement and too without interest ? 

Anil Agrawal (Retired)     06 September 2011

Friendly loan are not given to strangers.

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     07 September 2011

Mr Rajiv is know all and I have seen him suggesting 482 action by bushels in contless no of cases and similar other impractival ideas and now he is honoured by the site so more over confident.

Pl give any I say any  citation which says money lending whether friendly or not is not a crime without  liecense.

And those facing this hand loan business  NI 138 cases even single one pl go ahead and file FIR with competant authority under your state act for illegal money lending.

Ankit @mka.asr (Prop)     08 September 2011

Dear JSDN,

One person is showing that he has lent Rs 1,00,000/- Handloan to me in shape of Cash under NI138. I belong to Punjab. If any person has given Friendly or Handloan to any unknown person then he needs to have Money Lending Licence?

Anil Agrawal (Retired)     08 September 2011

Cash transaction? I don't think it is covered u/s 138. Unless both the lender and borrower make proper entries in their books of accounts and file the income tax return accordingly.

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     08 September 2011

yes cash transections can not be covered under hand loan.

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