Rules for money lending
uma
(Querist) 30 March 2013
This query is : Resolved
sir my friend had taken money from someone on interest rate of 5% from someone. now he is not able to pay it. They warning him to pay 1500000 for 3,50000 only. he has given them blank chaque and perhaps some written document like commitment on stamp paper but not for 1500000. they want to seize his home and office . please tell me come out from this situation
Devajyoti Barman
(Expert) 30 March 2013
The lender is making illegal demand. Ask your friend to lodge police complaint about criminal intimidation and extortion.
Advocate Ravinder
(Expert) 30 March 2013
The lender should have money lending licence to lend the money at such huge rate of interest i.e.@5% per month. You have to give notice to the lender of the money through an Advocate stating that above fact. As you have given cheque and some signed document, he can file cases under Section 138 of NI Act for cheque bounce in criminal courts and also civil case for recovery of money in civil court. If he has money lending licence, he can at the most collect rate of interest at 2% p.m. If he do not have money lending licence, he has to collect rate of interest as per RBI guidelines i.e. 9 to 10% per annum, not more than that. Contact a good local lawyer.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 30 March 2013
Counter action must be done with proper planning and expert guidance otherwise you will end up giving admissions.
Attack should be accurate and with full force.
Alternatively you can wait for actions by the lender, take expert legal assistance. If proper defense is taken from initial stages you can come out of the any cases in the given circumstances.
prabhakar singh
(Expert) 30 March 2013
The lender is playing high.Lending is a regulated business by state legislation and generally licence is granted by District Magistrate.
In many state legislation there are class of debtors who can plead discharge.
Better visit a local lawyer for further care of the matter.
Advocate Ravinder
(Expert) 30 March 2013
I agree with the above experts. Lending money without having money lending licence is a crime under IPC. By hiring a good lawyer you can come out of the case. Instead of paying back the whole amount to the lender, spend some amount for the lawyer you will be saved.
ajay sethi
(Expert) 30 March 2013
you have good case on merits . refuse to pay exhorbitant demands of moneylender
V R SHROFF
(Expert) 30 March 2013
Important factors are
1] was payment recd by cheque??
2] Whether any Sale Deed, Agreement for Sale signed against the amt recd??
3] Any Pro notes??
As "ADVOCATE DEFENSE" suggested, Plan Well in Advance. A Goat have to Fight against a Tiger.
R.K Nanda
(Expert) 30 March 2013
no more to add.
Raj Kumar Makkad
(Expert) 01 April 2013
I have also nothing to add in the given replies.
