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Is there licence required to lend money at 2% per month
12-Mar-2023 (In Banking / Finance Law)
Is there licence required to lend money at 2% per month
Under section 3 of the Moneylenders Act (Cap. 188), any person other than an excluded moneylender who lends a sum of money in consideration of a larger sum being repaid shall be presumed, until the contrary is proved, to be a moneylender. If you are unsure, you should obtain legal advice from your solicitor as to whether your intended business activity amounts to moneylending for which a licence is required.
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Adv. Shrikant Laxman Tambe
Pune | 25+ Answers
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