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AP Bill to curb moneylending
The Andhra Pradesh Assembly on Monday passed important Bills, including one on moneylending, even as the Opposition YSRCP abstained from the House.
Hyderabad: The Andhra Pradesh Assembly on Monday passed important Bills, including one on moneylending, even as the Opposition YSRCP abstained from the House.
Moving swiftly against the backdrop of the Call Money racket that rocked the state, Home Minister N Chinarajappa, who introduced the moneylending Bill, said it was intended to curb money lenders from cheating the gullible people by collecting huge interests and also other illegal activates resorted to by them.
Once the Act comes into force, then every person, firm, or any other entity, which is not otherwise licensed under any other Central Act, will have to obtain a licence to carry out the moneylending business in the state, the minister said.
Some members expressed apprehensions that the Act could be misused against those carrying the moneylending business in a genuine manner. Explaining the features of the Bill during a discussion, Rajappa said that it proposes six categories of the moneylenders. Licensees engaged in the moneylending not exceeding Rs 1 lakh in a year and as high as Rs 50 lakh per year will be classified under the six categories, and accordingly a license fee from Rs 5,000 to Rs 2 lakh will be fixed.
Each of these license holders should maintain book of records of their annual accounts, which will be subjected to inspection by the officials designated to carry out verification. The licence holders will also have to maintain an electronic record of their transactions.
