Can money be lent without money lending license
20-Jan-2023 (In Cheque Bounce Law)
If someone lends money to few persons on interest to earn extra income without money lending license and if cheque is bounced ( insufficient funds) then can he (borrower) be sued under negotiation instrument act 138
We can lend a money to the Friend and relatives when they are in need. Dont mention that the money has been given on interest. Mention that he has asked for the help and we have borrowed amount and for that the cheque has been bounced. Yes, You can sued the borrower under negotiation instrument act 138
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For lending finance money laundering licecence is the legal requirement. Thus, the person lending money as a business should fulfill the statutory requirement otherwise liable to be prosecated under appropriate law.
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