Do we require licence for money lending business in Andhra pradesh. We are doing petty money lending regularly in tirupati. pls suggest us who is the licencing authority for money lending business in AP
ravi (senior accountant) 02 January 2012
Do we require licence for money lending business in Andhra pradesh. We are doing petty money lending regularly in tirupati. pls suggest us who is the licencing authority for money lending business in AP
Kumar Doab (FIN) 02 January 2012
Kindly look into the attchments.
2 (11) ‘Money-lender’ means a person who advances loans, and includes a mandy
merchant, a landlord lending grain as ‘Namu’ to his farm servant and a pawn-broker, but
does not include a bank, company or Co-operative Society and the expression
‘Money-lending’ shall be construed accordingly.
Where a money-lender who is not a resident of the Scheduled Areas
advances money through his Agent who resides in such areas such Agent shall be deemed
to be the money-lender in respect of the money so advanced.
At Collector to perform the functions of a registering authority
'Registering Authority' means the Project Director
District Rural Development Agency for the rural areas and
Project Director MEPMA for urban areas; or any other person
appointed by the District Collector to perform the functions of
a registering authority under this Ordinance for such District.
Sailesh Sarmah (Advocate) 03 January 2012
Agree with Kumar Doab!!
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