Money laundering act of telegana

589 votes

Section 3(2) of the A.P. (Telengana Area) Money Lenders Act, makes it mandatory for a money lender to register their name and obtain a license for carrying out such activities.
Sub-section 5 of Section 3 puts a strict bar against the business of money lending without such license and prescribes punishment in the form of rigorous imprisonment. Most notably, if a money lender, within the meaning of this Act does not hold license, any suit for recovery of the money will not be maintainable before the court of law as per Section 9(2)
of this Act. Similarly, Section 3 of the A.P. Money Lenders Act, 2000, puts a strict bar against carrying out of such business without obtaining license under Section4

Advocate Rajagopalan LawRato

604 votes

ANDHRAPRADESH (TELANGANAAREA)MONEY LENDERS ACT,1349


Shall be punished with
rigorous imprisonment for a term which may extend to six months or with fine or with
both.The fine imposed shall,i inc case of default, be recoverable as arrears of land revenue. The Collector shall have power to award punishment under this clause. An
appeal against his order shall lie to the Sessions Judge.

Advocate Rayabarapu Bixapathi LawRato

798 votes

doing any act which is prohibited under section 5 of the money laundering act 2005 is punishable with a punishment for 7 years and there is no special enactment for telengana area only there is a central act

Advocate Innamuri Balasubramanyam LawRato