money lending

barun deka (Querist) 20 May 2010 This query is : Resolved
is it not banned in india for private individuals to lend money to others and charge interest over that??
If so, Please let me know specifically under what provision of law

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Raj Kumar Makkad (Expert) 20 May 2010
There is no such ban in India rather Money lender license is required as per provisions of Money Laundering Act.

Uma parameswaran (Expert) 20 May 2010
Registrar provide license to the money lenders under money lending Act to carry money lending business.

Ashok Yadav (Expert) 20 May 2010
Yes, lending money by individual without licence under Money Lending Act is a criminal offence and one may be punished for imprisionment as per act. This act differs state to state.

navendu kumar (Expert) 20 May 2010
Mr. Raj, Money Laundering Act and Money Lending Act are different laws. I agree with Mr. Yadav.

O. Mahalakshmi (Expert) 26 May 2010
If any individual have license then he carry out the Money Lending business. With out license it is an offense, which is punishable by Law.

barun deka (Querist) 27 May 2010
but say tomorrow i lend to a friend and charge interest on it.... completely on a personal basis... and say i execute a money bond or an agreement. is there a ban on that as well??? is the agreement void because of that???

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