Devraj (Proprietor) 27 November 2013
Hi,
I used Rs.20 non-judicial stamp paper for lending money and affixed Rs.20 x 4 special adhesive stamp to appreciate the value to Rs.100.
My lawyer told me that I can't use this document in court as I affixed special adhesive stamp on non-judicial stamp paper which is not permitted. Is it so?
Is it legal if this individual agrees(in writing) to pay me Rs.1,60,000.00 after 1-yr for Rs.1,00,000.00 I paid him or is there any Usuary law making it illegal?
Devraj (Proprietor) 02 December 2013
Plz respond forum members.
S R SHETTY (MANAGER - LEGAL) 04 November 2014
It is preferable to give loan by cheque or bank transfer and obtain a PDC (as guarantee) with receipt. A receipt can be on a revenue stamp (Re. 1) will suffice. Pl note, loan should be personal loan w/o interest.
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