State Act
7
Section 7. Interest and charges allowed to money-lenders
THE PUDUCHERRY MONEY LENDERS ACT, 1970
Act no. 26 of 19701970In forcePuducherry (State Act)
7. *[(1) Notwithstanding anything contained in the decree dated 22nd September, 1935, no money lender shall charge interest on any loan, at a rate exceeding such rate as the Government may, by notification, fix from time to time: Provided that the rate of interest as may be fixed by the Government shall be correlated to the current bank rates of lending as may be fixed by the Reserve Bank of India, from time to time.] (2) A money-lender may demand and take from the debtor such charges and in such cases, as may be prescribed. (3) A money-lender shall not demand or take from the debtor any interest, profit or other sum whatsoever in excess of that payable under subsection (1).