Scribd Logo
Upload

Welcome to Scribd!

  • 47 views

    Pondicherry Usury Laws Amendment Act 1966

    Uploaded by

    Latest Laws Team
    This document is an amendment to the Pondicherry Usury Laws that regulates interest rates on loans in the Union Territory of Pondicherry, India. The key points are: 1) It amends the previous law to exempt certain institutions from interest rate limits, including scheduled banks, development banks, insurance companies, cooperative societies, and other public sector institutions. 2) It defines important terms used in the law such as scheduled bank, cooperative society, development bank, etc. 3) The previous decree from 1935 that regulated maximum interest rates on loans will no longer apply to loans provided by the exempted institutions listed in the amendment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Pondicherry Usury Laws Amendment Act 1966

    Uploaded by

    Latest Laws Team
    47 views5 pages
    This document is an amendment to the Pondicherry Usury Laws that regulates interest rates on loans in the Union Territory of Pondicherry, India. The key points are: 1) It amends the previous law to exempt certain institutions from interest rate limits, including scheduled banks, development banks, insurance companies, cooperative societies, and other public sector institutions. 2) It defines important terms used in the law such as scheduled bank, cooperative society, development bank, etc. 3) The previous decree from 1935 that regulated maximum interest rates on loans will no longer apply to loans provided by the exempted institutions listed in the amendment.

    Original Description:

    Pondicherry Usury Laws Amendment Act 1966

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document is an amendment to the Pondicherry Usury Laws that regulates interest rates on loans in the Union Territory of Pondicherry, India. The key points are: 1) It amends the previous law to exempt certain institutions from interest rate limits, including scheduled banks, development banks, insurance companies, cooperative societies, and other public sector institutions. 2) It defines important terms used in the law such as scheduled bank, cooperative society, development bank, etc. 3) The previous decree from 1935 that regulated maximum interest rates on loans will no longer apply to loans provided by the exempted institutions listed in the amendment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    47 views5 pages

    Pondicherry Usury Laws Amendment Act 1966

    Uploaded by

    Latest Laws Team
    This document is an amendment to the Pondicherry Usury Laws that regulates interest rates on loans in the Union Territory of Pondicherry, India. The key points are: 1) It amends the previous law to exempt certain institutions from interest rate limits, including scheduled banks, development banks, insurance companies, cooperative societies, and other public sector institutions. 2) It defines important terms used in the law such as scheduled bank, cooperative society, development bank, etc. 3) The previous decree from 1935 that regulated maximum interest rates on loans will no longer apply to loans provided by the exempted institutions listed in the amendment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Bare Acts & Rules

    Free Downloadable Formats

    Hello Good People !


    LaLas

    THE PONDICNERRY USURY LAWS (AIlENDhlENT)


    (No. 10 of 1966)
    kKRANGEMEhT OF SECTIONS

    1.

    Short title, extent and commencement.

    2. Definitions.
    3.

    Decree of 193: not to apply to transactions of certain


    institutions.

    - .. THE PONDICHERRY USURY LAWS (AMENDMENT)


    ACT, 1966
    ( A d No. 10 of 1966)
    21st May, 1966.
    AN ACT
    to amend the law regulating the rate of interest chargeable on
    loans in the Union territory of Pondicherry and for
    matters connected therewith.

    BE it enacted by the Legislative Assembly of Pondicherry


    in the Seventeenth Year of the Republic of India as follows:1. Short title, extent and commencement.-(1) This *4ct
    may be called the Pnndicherr> Usury Laws (Amendment)
    Act, 1966.
    (2) It extends to the whole of the
    Pondicherry.

    Union

    territory of

    (3) It shall come into force at once.

    2. Definitions.-In

    this Act, unless


    repugnant to the subject or context-

    there

    is

    anything

    (1) "Agricultural Reharice Corgscation" means the


    Agricultural Refinance Corporation established under sec,$ion. ,3 of the Agricultural Refinance Corporation Act, 1963
    (Act No. 10 of 1963) ;
    ,- . - .. .
    (2) "Co-operative Society" means a society registered or
    deemed to be registered under the Pondicherry Co-operative Societies Act, 1965 (Act No. 11 of 1965) ;
    (3) "Development B a n k means the Industrial Development Bank of India established under the Industrial Development Bank of Inclia Act, 1964 (Act No. 18 of 1964);

    (4) "Government" means t h e Administrator appointed


    by the President under article 239 of the Constitution ;.t. ::
    (5) "Industrial Fi,nance Corporation" means the I n d ~ s r
    trial Finance Corpora.tion of India incorporated under, the

    Industrial Finance Corporation


    1943) ;

    Act, 1948

    (Act NO. 15 of

    ..

    (6) "Life Insurance Corporation" means the Life Insurance Corporation established under the Life Insurance
    Corporation Act, 1956 (Act DTo. 31 of 1956) ;

    (7) "Scheduled Bank" means a bank

    included in the
    Second Schedule of the Reserve Bank of India Act, 1934
    (Act No. 2 of 1934) ;
    (8) "State Financial Corporation" means a Financial
    Corporation established under section 3 of the State Financial Corporation Act, 1051 (Act No. 63 of 1951) and includes
    a Joint Financial Corporation established under section 3-A
    of the said Act.
    3. Decree of 1935 not to apply to transactions of certain
    institutions.-Xothing
    contained in Decree dated 22nd September, 1935, promulgated by Arrete dated 9th November,
    1935 or in ky other law enacted and made applicable to the
    Union territory of Pondicherry prior to the 1st November 1954
    regulating the rate of interest chargeable on loans shall apply
    to any loan granted, or any contract to lend money, to grant
    accommodation, to supply goods o r services on credit whether
    by way of sale, hire-purchase or otherwise, entered into by the
    Government, the Scheduled Banks, the Industrial Finance
    Corporation, a State Financial Corporation, the Development
    Bank, the Industrial Credit and In.clestme~lt Corporation of

    India, the Film Finance Corporation, the Agricultural Refinance

    Corporation, the Life Insurance Corporation of India, a company


    carrying on general insurance business, a Co-operative Society
    any institution constituted by a statute, which grants any loans
    or advances in pursuance of tho provisions of that statute, or
    any cther institution in public sector whether incorporated or

    You might also like