Money lending act rules

Kiran gawaikar (Querist) 11 September 2017 This query is : Resolved
Please tell me what will be punishment in money lending act by gujarat law. Please tell details if person give money without license to anybody at 10% rate of interest. Then what will be punishment for him by gujarat law and how to fight with him by law. And what to do? should i complain against him in police station or should i talk to ACP or commissioners or PI for strong case. Reply soon sir

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Adv. Yogen Kakade (Expert) 11 September 2017
Merely doing few transactions of lending money with interest is not an offence. If the person is doing this transactions as his business without license then it shall be objectionable. He can file a suit for recovery against you to recover the money with interest. If he threatens you for recovery of his amount then you can approach the police station.

Advocate Bhartesh goyal (Expert) 11 September 2017
Yes,one or two transactions lending money with interest without license is no wrong/offense as he is not doing it as a business.moreover in such cases police can't help or take any action against him.

Rajendra K Goyal (Expert) 11 September 2017
State material facts of the problem if any.

How are you concerned / related with the query?

R.K Nanda (Expert) 11 September 2017
nothing more to add.

P. Venu (Expert) 11 September 2017
Please state material facts.

Guest (Expert) 11 September 2017
Don't try to make the experts as your tool to help you take revenge from some of your enemy.

By the way, on what ground do you believe that money lending is a crime for one and all.
Better discuss the real problem.

Ms.Usha Kapoor (Expert) 23 June 2018
I agree with Bharatesh Goyal.

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