Rajasthan Money lending licence provides the facilities for secure and unsecured finance business in the form of loan in Rajasthan. Every person, HUF, Firm, and company who want money lending business in Rajasthan require this licence mandatory according to Rajasthan money lending act,1963.
Zumosun Soft Group ( TheLegalBank, TheLegalCourt, Techlam ) consistently doing excellent, ethical, prudence, practice for Rajasthan money lending act,1963 and Rajasthan money lending rule,1965. Our professionals provide consultancy and advisory from starting the finance concept of secure and unsecured to apply and getting the money lending licence. All the compliances management including the interest rate and taxation and government filings. We are also providing the required software and digital infrastructure at our platform.
(1) 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, name-
(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 unincorporated body of individuals, the names and addresses 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 State where the business of money-lending is carried on or intended to be carried on:
(e) whether the person signing 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 unincorporated 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 of the application either individually or in a partnership or jointly with any other coparcener 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 unincorporated 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 authorised 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.
1. Income Tax return for the previous three financial years.
2. Resident certificate
3. Police Verification and Character certificate in two copies( attested by gazetted officer)
4. Last 1-year bank statement
5. Pan card of the applicant
6. Aadhar card of the applicant.
7. Details of the previous business, if any.
8. KYC of Partners, In case company, Firm or HUF
Money lending licence shall be valid for a period of three years from the date of its issue: Provided that when an application for renewal of a licence has been received by an Assistant Registrar within the prescribed period, the licence shall until the application is finally disposed of, be deemed to be valid.
(1) No money-lender shall recover the interest in respect of any loan advance by him, an amount in excess of the amount of principal.
(2) Any loan in respect of which the money-lender has released from the debtor an amount equal to or more than twice the amount of the principal, shall stand discharged and the amount, if any, so realised in excess of twice the amount of the loan shall be refunded by the money-lender to the debtor:
Provided that no refund shall be made if such excess amount had been released prior to three years from the date of commencement of the Rajasthan Money-lenders (Amendment) Act, 1976.]
Notwithstanding anything contained in the Code of Civil Procedure, 1908 (Central Act V of 1908), the court may, at any time, on the application of a judgment-debtor, after notice to the decree-holder, direct that the amount of any decree passed against him, whether before or after the date on which this Act comes into force, in respect of a loan shall be paid in a such number of instalments and subject to such conditions, and payable on such dates, as, having regard to the circumstances of the judgment-debtor and the amount of the decree, it considers fit:
Provided that nothing contained in this section shall apply to a decree passed under Order XXXIV of the First Schedule to the said Code.
(1) The State Government may, from time to time, by notification in the Official Gazette, fix the maximum rates of simple interest for any class of business of money-lending in respect of secured and unsecured loans,
(2) No money-lender shall charge or receive from a debtor interest at a rate exceeding the maximum rate fixed by the State Government under sub-section (1).
(3) Notwithstanding anything contained in any law for the time being in force, no agreement between a money-lender and a debtor for payment of interest at rates exceeding the maximum rates fixed by the State Government under sub-section (1) shall be valid and no court shall, in any suit to which this Act applies, award interest exceeding the said rates.
(4) If any money-lender charges or receives from a debtor interest at the rate exceeding the maximum rates fixed by the State Government under sub-section (1), he shall, for the purpose of section 40 be deemed to have contravened the provisions of this Act.
No money-lender shall receive from a debtor or intending debtor any sum other than reasonable costs of investigating title to the property, costs of the stamp, registration of documents and other usual out-of-pocket expenses in cases where an agreement between the parties includes a stipulation that property is to be given as security or by way of mortgage and where both parties have agreed to such costs and reimbursement thereof, or where such costs, charges or expenses are leviable under the provisions of the Transfer of Property Act, 1882 (Central Act IV of 1882) or any other law for the time being in force.
(1) Where a loan advanced, whether before or after the date on which the Act comes into force, or any interest on such loan or the benefit of any agreement made or security is taken in respect of such loan or interest is assigned to any assignee, the assignor (whether he is the money-lender by whom the money was lent or any person to whom the debt has been previously assigned) shall before the assignment is made-
(a) give the assignee notice in writing that the loan, interest, agreement or security is affected by the operation of this Act,
(b) supply to the assignee all information necessary to enable him to comply with the provisions of this Act, and
(c) give the debtor notice in writing of the assignment supplying the name and address of the assignee.
(2) Any person acting in contravention of the provisions of subsection (1) shall be liable to indemnify any other person who is prejudiced by the contravention.
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1.Rajasthan Money Lending Act,1963 by Shivalal Gupta- https://books.google.co.in/books/about/Law_Relating_to_Money_Lendings_in_Rajast.html?id=V4veGwAACAAJ&redir_esc=y
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