Court : Kerala
Reported in : AIR1989Ker177
..... crores plan for 1983-84 as suggested by the planning commission and it was asserted that the financial proposal for 1983-84 could be implemented only after a suitable amendment of the kerala money lenders act, 1958 as well. the purpose behind the amendment, the inclusion of a forfeiture clause was thus to augment the revenue of the state and not to regulate the business of ..... 1983. the material amendments made in 1983 are relevant for our purpose ..... licence. every money lender is also bound to exhibit over his shop or place of business, his name with the word 'money-lender' and its equivalent in the regional language. the interest that couid be charged by him is also regulated by the act this act was amended in 1963 by the amendment act 33 of 1963 and subsequently by act 11 of 1974 and later by the kerala finance act, 1983, act 19 of .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1993SC2063; 79CompCas298(SC); (1994)2CompLJ430(SC); JT1993(4)SC399; 1993(3)SCALE125; 1993Supp(4)SCC226; Supp1SCR54
..... india (amendment) act and the directions issued thereunder were beyond the legislative competence of the parliament. at page 902 of the report the madras high court observed that 'this special kind of contract falls under entry 7 of list iii. after the subscriptions are received and funded, it is no longer in the region of money lending and money lenders.... we ..... iii-b dealing with non-banking institutions and financial institutions receiving deposits from third parties was introduced in the reserve bank of india act, 1934 by the amending act (act 55 55 of 1963) in the year 1963. in the case of mayavaram finance corporation ltd. v. reserve bank of' india reported in before the madras high court, the constitutional validity of ..... janardhana mallan and ors. v. gangadharan and ors. : air1983ker178 . the full bench there was concerned with the chit agreement under the kerala chitties act (act 23 of 1975) where the kerala high court speaking through poti, acting chief justice, took the view that on entering into the chitty agreement a debt is not incurred by the subscriber for the amount of ..... taken from the representatives of various chit companies, associations, federations, individuals etc. and the committee also heard the representatives of the state government of tamil nadu, karnataka, kerala and the union territory of pondicherry. since the committee felt that sufficient number of subscribers were not forthcoming for tendering oral evidence, they decided to extend the time for .....Tag this Judgment!
Court : Delhi
Reported in : 62CompCas769(Delhi)
..... falls within entry 30 of list ii, of money-lending or specifically money-lenders. normally, the acceptance of deposits from the public is not covered by the money-lenders act. in this connection, mr.potti drew our attention to ordinance no.96 of 1985 which is an amendment to the kerala money-lenders act by which section 4 of the principal act has been amended to provide that deposits shall be accepted only ..... be coming from people who want to dodge taxes. since, usually partnerships have a capital of one lakh or less, they were exempted from the purview of the banking regulation act, as in 1963, the legislature assumed, that 'they are small firms which accept deposits of very small amounts.' but, very rapidly, the situation has now changed. even regulation under the ..... money-leaders act can, at best, ensure that they do not charge more than 18 per cent., the prescribed ceiling under the act. but this will not ensure the safety of depositors' money. though the group .....Tag this Judgment!
Court : Supreme Court of India
Reported in : I(1993)BC564(SC); 77CompCas197(SC); JT1993(1)SC580; (1993)2MLJ90(SC); 1993(1)SCALE586; (1993)2SCC582; 1SCR832
..... constitution as it restricts the number of depositors and the rate of interest under section 4(2)(iii) of the kerala money-lenders act, 1958 (hereinafter referred to as the kerala act).19. the two years' period prescribed under section 42 is unreasonable.20. under kerala act, with effect from 15.10.85 only 14 per cent interest alone could be charged.21. in any event, ..... r. launched against the firm, sanchaita investments, directed that the government and reserve bank of india should look into the matter deeply. it is in this background the banking laws (amendment) act, 1983 came to be enacted. section 45s states thus:deposits '45s. (1) no person, being an individual not to or a firm or an unincorporated be ace-association ..... madras high court as seen from the case reported in 1971 41 company cases 890 (mayavaram financial corporation v. reserve bank of india).6. in 1968, by banking laws (amendment) act, 1968, sections 10a to 10d were introduced. section 10a provided that the board of directors shall include persons with professional or special knowledge. section 10a (5) empowered the reserve ..... . in the year 1959, the banking companies (amendment) act, 1959 was passed. sections 17 and 18 were submitted which required banking companies to create reserve fund and maintain cash reserve. in the year 1963, banking laws (miscellaneous provisions) act, 1963 inserted chapter iii-b in the reserve bank of india act. this chapter conferred extensive powers on the reserve bank of india to issue .....Tag this Judgment!
Court : Kerala
Reported in : 103CompCas941(Ker)
..... a direction to respondents nos. 1 to 4 not to enforce the provisions of the kerala money-lenders act against them.2. the term 'money-lender' is defined under section 2(7) of the kerala money-lenders act, 1958, as amended by act 16 of 1987 as follows :'2. (7) 'money-lender' means a person whose main or subsidiary occupation is the business of advancing and realising ..... that they would not come within the definition of 'money lender' under the kerala money-lenders act, 1958, as amended. therefore, according to the petitioners, they are not liable to take any licence as provided under the act nor are they bound by other provisions of the act. they seek a declaration that the kerala money-lenders act, 1958 does not apply to the petitioners as ..... they are companies incorporated under the companies act. they also seek ..... am inclined to take the view that the company registered under the indian companies act, 1956, would come within the definition of 'money-lender' under section 2(7) of the kerala money-lenders act and, therefore, be bound by all the other provisions of the act applicable to a money-lender including the liability to take a licence. the petitioners are, therefore, not .....Tag this Judgment!
Court : Karnataka
Reported in : 57CompCas668(Kar)
..... of solomon from the operation of usury statutes. 90. lord crowther, chairman of the committee of consumer credit in england, observed : 'the money-lenders acts were passed for the protection of the private borrower and it was never contemplated that they would be capable of being invoked join relation to large ..... charging interest with monthly rests in a case like this is nothing but usury; and it is usually the evil practice followed by some private money-lenders. 100. even charging interest with quarterly rests is, in our opinion, not warranted by the facts and circumstances of this case. the counsel ..... it only prescribed the minimum, but the does not mean that banks could charge unreasonable or excessive interest. banks are public institutions and not just money-lenders. in the absence of reserve bank directives, they are, therefore, acquired to follow the banking practice generally accepted by all banks. 61. the ..... in varadachariar v. gopala menon, : 1scr721 . in that case, the supreme court while examining the principles of the usurious loans act, 1918, as amended by the madras amendment act no. 8 of 1937, observed : 'it appears to us, therefore, that in the opinion of a number of judges of the madras ..... to 10 1/2 per cent. simple. 103. in state bank of travancore v. george, : air1975ker169 , the kerala high court, by applying the provisions of the usurious loans act, reduced the rate of interest charged by the bank from 9 per cent. with quarterly rests to 9 per cent. simple .....Tag this Judgment!
Court : Kerala
..... is the sole accused in crime no.778 of 2013 of pathanapuram police station, which is a case registered alleging offences punishable under sections 3 & 4 r/w 17 of money lenders amended act, 1986 and under sections 420 & 468 of ipc. he preferred a petition under section 451 of cr.p.c. as crl.m.p.no.6997 of 2013 before the judicial ..... ,52,830/- which seized from him as interim custody. but the learned magistrate rejected his claim holding that the petitioner did not adduce evidence with regard to the source of money and no proper document was also produced. it is against the said order, the petitioner preferred the m.c. under section 482 of cr.p.c. with a prayer to ..... rawther, murungammoottil house, edathara thettikuzhi jn., pathirickal muri, pathanapuram village. by advs.sri.s.rajeev sri.k.k.dheerendra krishnan respondent(s)/complainant/state: ------------------------------------------------------------------ state of kerala, represented by public prosecutor, high court of kerala, ernakulam-682 031(crime no.778/2013 of pathanapuram police station). by public prosecutor smt. s. hyma this criminal misc. case having come up for admission on ..... in the high court of kerala at ernakulam present: the honourable mr.justice v.k.mohanan thursday, the 25th day of july 2013 3rd sravana, 1935 crl.mc.no. 3088 of 2013 --------------------------- against the order/judgment .....Tag this Judgment!
Court : Kerala State Consumer Disputes Redressal Commission SCDRC Thiruvananthapuram
..... , dw1; exts.p1 to p7 and r1 to r8. 5. the forum has relied on the provisions of section 7 of the kerala money lenders act, 1958 as amended by act 30 of 1986. as per section 7 of the above statute the money lender is not to charge interest at a rate exceeding 2 % above the maximum rate of interest charged by commercial banks on loans granted ..... bank and that they collected an excess of rs.47,892.50 when the loan was closed. it is the contention that the opposite party violated the provisions of the kerala money lenders act, 1958. the excess amount is sought to be refunded with compensation of rs.2000/- and cost of rs.1500/-. 3. the opposite parties have contended that the amount was availed ..... is pointed out by the counsel for the appellant that as per ext.r8 the rate of interest is specified at 22.44.%. hence as per section 7 of the money lender act the appellant is entitled to claim 2% more which would work out to 22.44.%. the appellant has not relied on any provision or document for claiming penal interest at .....Tag this Judgment!
Court : Karnataka
Reported in : (2007)211CTR(Kar)38; 290ITR172(KAR); 290ITR172(Karn)
..... of income or furnishing of inaccurate particulars of income. the assessees took up the contention that the interest over and above what is allowable under the kerala money lenders act cannot be treated as income. this is only an explanation not to treat a particular amount as income. it cannot be said that the income has ..... utilise the plant and machinery of the licensor for processing vanaspathi for a period of 11 months on some terms and conditions. the assessee invested some money and ran the factory of the licensor for a period of 10 days only, i.e., between january 1, 1980 to january 10, 1980. ..... head lease rent as the same is not taxable. following the direction of the assistant commissioner of income-tax under section 144b of the income-tax act, 1961 ('the act', for short), the income-tax officer passed an order of assessment on september 16, 1983. the commissioner of income-tax (appeals) confirmed the ..... levy of penalty is just and proper. there is deemed furnishing of inaccurate particulars and consequently the assessee is liable to pay penalty under section 271 of the act. reliance is placed on the following decision:k.p. madhusudhanan v. cit : 251itr99(sc) .6. during the course of arguments, the assessee ..... to the facts of this case. this decision of the apex court is subsequent to the amendment of section 271(1)(c) explanation 1(b). in the case on hand, the assessment year is 1980-81. the amendment to section 271(1)(c) was in the year 1986. the judgment of the apex court .....Tag this Judgment!
Court : Kerala
Reported in : 2006(4)KLT196
..... the amount covered by the promissory notes less the amount received, from the date of the loan till realisation. admittedly the plaintiff is a money-lender having the licence under the money lenders act. under section 7 of the act no money-lender shall charge interest on any loan at a rate exceeding two per cent above the maximum rate of interest charged by commercial banks on loans ..... quarterly rest if the agreement provided for the same. we notice that order 34 c.p.c. was subsequently amended in kerala and substantial change is made to rule 11 and the provision for rate of interest after suit is absent in the amended c.p.c. but it is well-settled after the decision of the federal court in jaigobind singh v ..... even after the specific plea in the written statement of the defendant claiming status of a tenant on the basis of rent receipts, the pleadings in the plaint were not amended by the plaintiff to explain how on the back of the printed rent receipts he happened to put his signatures. no consequential ..... amendment was made in the plaint taking a plea of fraud and forgery of rent receipts. in that case the rent receipts were admitted in evidence without objection and the signatures .....Tag this Judgment!