Thanks. I knew you would come to my rescue.
1. How much would amount to USURY? Would 16% flat (32% APR approx.) qualify? 2. The name of the Act is "The Punjab Registration of Money-Lender's Act, 1938". It is only 3-4 pages long, so I shall go through it and put to use by today evening. 3. STA/Tpt. would not want any more trouble than they are already into. Besides, I do not like their tea. From: [email protected] [mailto:[EMAIL PROTECTED] On Behalf Of sroy1947 Sent: 25 November 2008 07:37 To: [email protected] Subject: [rti_india] Re: NBFC - RBI - Financing 1) RBI regulates finance companies and not individuals. Individuals are free to carry on business of money-lending. It is not a crime. USURY ie. charging excessive interest is an offence. Various states have usury laws setting out the max interest that can be charged. 2) Individuals who lend money in say Delhi are governed by the Punjab Money Lenders Act of 1925 (?) (I think that is the name of the law) 3) With your excellent contacts at STA you could easily find out under what provision of CMVR the financiers name is added on RC. Actually, the CMVR (which governs the "form" of the RC) is a public document available on the website of MoRTH (Min of Road Transport & Highways). Sarbajit --- In [email protected] <mailto:rti_india%40yahoogroups.com> , "Rakesh Agarwal" <[EMAIL PROTECTED]> wrote: > > Last year, I had asked RBI if an individual can engage in the business of > financing of vehicles and have his name endorsed on the Registration > Certificate as such. I was informed that one can. However, someone has > pointed out recently that it is not true and one needs some form of > registration with the RBI in order to offer loans against vehicles. > > > > Could someone clarify the correct position with reference to relevant > provisions of law! > > > > Thanks - Rakesh Agarwal > > > > [Non-text portions of this message have been removed] > [Non-text portions of this message have been removed]
