DCs to be licensing authority to implement Money lenders Act

Kohima, Dec 13 (UNI) The Deputy Commissioners (DCs) of Nagaland will be the Licensing Authority, referred to as Registrar, under the Nagaland Money Lenders Act, 2006, which has come into force.

According to a notification issued by the Finance Department, a money lender desiring to carry on the business of money lending in an area can contact the Registrar. To be eligible to apply for grant of license there would be two categories- one of those having deposit of Rs 100 crore and above those having bank deposit of Rs 50 lakh and above, but less than Rs 100 crore.

The notification said that every money lender or pawn broker shall maintain a capital account of loans to be submitted to the office of the Registrar. The Appellate Authority shall be the Commissioner, Nagaland.

Money lending in Nagaland is a profitable business for years, for which the Government was compelled to pass such law.

UNI AS PC/src1020