{ "id": 16425, "slug": "the-goa-money-lenders-act-2001", "title": "The Goa Money-Lenders Act, 2001", "short_title": "The Goa Money-Lenders Act, 2001", "act_number": "(Goa Act 58 of 2001)", "act_year": 2001, "act_type": "STATE", "location": "Goa", "law_status": "unknown", "enactment_date": null, "description": "The Goa Money-Lenders Act, 2001", "preamble": "", "section_label": "Section", "sections": [ { "number": "1", "title": "1. Short title, extent and commencement.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 0 }, { "number": "2", "title": "2. Definitions.", "chapter": null, "content": "(a) \"bank\" means a banking company as defined in the Banking Regulation Act, 1949 (Central Act 10 of 1949), and includes:-\n(i) the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934);\n(ii) the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955);\n(iii) a subsidiary Bank as defined in the State Bank of India (subsidiary Banks) Act, 1959 (Central Act 38 of 1959);\n(iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970); and\n(v) any other banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (Central Act 10 of 1949);\n(vi) any co-operative society carrying on the business of banking;\n(vii) any residuary non-banking institution duly permitted by the Reserve Bank of India,\n(b) \"business of money-lending\" means the business of advancing loans whether in cash or kind and whether or not in connection with or in addition to any other business;\n(c) \"capital\" means a sum of money which a money-lender invests in the business of money-lending;\n(d) \"company\" means a company as defined in the Companies Act, 1956 (Central Act 1 of 1956);\n(e) \"co-operative society\" means a society registered or deemed to have been registered under the Goa Co-operative Societies Act, in force in this State or the Co-operative Societies Act, 1912 (Central Act 2 of 1912), or any Act of any other legislature relating to Co-operative Societies;\n(f) \"Government\" means the Government of Goa;\n(g) \"inspection fee\" means the fee leviable under section 13 in respect of inspection of books of account of a money-lender;\n(h) \"interest\" includes any sum, by whatsoever name called, in excess of the principal paid or payable to a money-lender in consideration of or otherwise in respect of a loan, but does not include any sum lawfully charged by a money-lender for or on account of costs, charges or expenses in accordance with the provisions of this Act, or any other law for the time being in force;\n(i) \"license\" means a licence granted under this Act;\n(j) \"licence fee\" means a fee payable in respect of a licence;\n(k) \"loan\" means an advance at interest, whether of money or in kind, but does not include-\n(i) a deposit of money or other property in a Government post office bank or in any other bank or in a company or with a Co-operative Society;\n(ii) a loan to, or by, or a deposit with any society or association registered under the Societies Registration Act, 1860 (Central Act 21 of 1860), or any other enactment relating to a public, religious or charitable object;\n(iii) a loan advanced by the Government or by any local authority authorised by the Government;\n(iv) a loan advanced to a Government servant from a fund, established for the welfare or assistance of Government servants, and which is sanctioned by the Government;\n(v) a loan advanced by a Co-operative Society;\n(vi) an advance made to a subscriber to, or a depositor, in a provident fund, from the amount standing to his credit in the fund in accordance with the rules of the fund;\n(vii) a loan to or by an insurance company as defined in the Insurance Act, 1938 (Central Act 4 of 1938);\n(viii) a loan advanced to, or by a bank;\n(ix) a loan to, or by, or deposit with, anybody (being a body not falling under any of the other provisions of this clause), incorporated by any law for the time being in force in the State of Goa;\n(x) an advance of any sum exceeding rupees three thousand made on the basis of a Negotiable Instrument as defined in the Negotiable Instruments Act, 1881 (Central Act 26 of 1881), other than a promissory note;\n(xi) an advance of any sum exceeding rupees three thousand made on the basis of a hundi (written in English or any other Indian language);\n(xii) an advance made bonafide by any person carrying on any business, not having for its primary object the lending of money, if such advance is made in the regular course of his business;\n(xiii) except for the purposes of sections 29 and 31,-\n(A) a loan, by a landlord to his tenant for financing of crops or seasonal finance, of not more than Rs. 5 per acre of land held by the tenant;\n(B) a loan advanced to an agricultural labourer by his employer.\nExplanation.\n(l) \"money-lender\" means,-\n(i) an individual; or\n(ii) an undivided Hindu Family; or\n(iii) a company; or\n(iv) an unincorporated body of individuals, who or which-\n(a) carries on business of money-lending in the State; or does any activity of lending of any finance;\n(b) has his or its principal place of such business in the State, and includes a pawnbroker but does not include-\n(i) Government,\n(ii) a local authority,\n(iii) a bank,\n(iv) the Agricultural Refinance Corporation constituted under the Agricultural Refinance (AND Development) Corporation Act, 1963 (Central Act 10 of 1963); or\n(v) any other banking, financial or any institution which the Government may, by notification in the Official Gazette , specify in this behalf;\n(m) \"pawn-broker\" means a money-lender who in the ordinary course of his business advances a loan and takes goods or property in pawn as security for payment of such loan;\n(n) \"prescribed\" means prescribed by rules made under this Act;\n(o) \"principal\" means in relation to a loan, the amount actually advanced to the debtor;\n(p) \"Provident Fund\" means a Provident Fund as defined in the Provident Funds Act, 1925 (Central Act 19 of 1925), and includes a Government Provident Fund and a Railway Provident Fund as defined in the said Act;\n(q) \"State\" means the State of Goa;\n(r) \"recognised language\" means in Konkani, Marathi, Hindi, English;\n(s) \"register\" means the register of money-lenders maintained under section 4;\n(t) \"rules\" means the rules made under this Act;\n(u) \"suit to which this Act applies\" means any suit or proceeding-\n(a) for the recovery of a loan made before or after the day on which this Act comes into force;\n(b) for the enforcement of any security taken or any agreement, made after the date on which this Act comes into force in respect of any loan made either before or after the said date; or\n(c) for the redemption of any security given after the date on which this Act comes into force in respect of any loan made either before or after the said date;\n(v) \"trader\" means a person who in the regular course of business buys and sells goods or other property, whether movable or immovable, and includes-\n(i) a wholesale or retail merchant,\n(ii) a commission agent,\n(iii) a broker,\n(iv) a manufacturer,\n(v) a contractor,\n(vi) a factory owner, but does not include an artisan or a person who sells his agricultural produce or cattle or buys agricultural produce or cattle for his use.\nExplanation.", "footnote": "", "is_definition": true, "sort_order": 1 }, { "number": "3", "title": "3. Appointment of Registrars and Assistant Registrars.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 2 }, { "number": "4", "title": "4. Register of money-lenders.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 3 }, { "number": "5", "title": "5. Money-lender not to carry on business of money-lending except for area under licence and except in accordance with terms of licence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 4 }, { "number": "6", "title": "6. Application for licence.", "chapter": null, "content": "(i) the true name/s of the place/places in which such money-lender intends to carry on business and the true name/s of the person/s proposed to be responsible for the management of the business;\n(ii) if the application is by or on behalf of -\n(a) an individual, the true name and address of such individual,\n(b) an undivided Hindu family, the true name and address of the manager and the adult coparceners of such family;\n(c) a company, the true names and the addresses of the directors, manager or principal officer managing it;\n(d) an unincorporated body of individuals, the true names and addresses of such individuals;\n(iii) the area and the place or principal place of the business of money-lending in the State;\n(iv) the name of any other place in the State where the business of money-lending is carried on or intended to be carried on;\n(v) whether the person signing the application has himself or any of the adult coparcener of an undivided Hindu family, or any director, manager or principal officer of the company or any member of the unincorporated body on behalf of which such application has been made, as the case may be, has carried on the business of money-lending in the State in the year ending on the 31st day of March immediately preceding the date of the application either individually, or in partnership, or jointly with any other coparcener or any other person and whether in the same or any other name;\n(vi) the total amount of the capital which such person intends to invest in the business of money-lending in the year for which the application has been made;\n(vii) if the places at which the business of money-lending is to be carried on are more than one, the true names of persons who shall be in the management of the business at each such place.\n(a) (i) if the application is made by an individual, by the individual;\n(ii) if the application is made on behalf of an undivided Hindu family, by the manager of such family;\n(iii) if the application is made by a company or unincorporated body, by the managing director or any other person having control of its principal place of business in the territory of India or of its place of business in the area in which it intends to carry on the business; or\n(b) by an agent authorised in this behalf by a power of attorney by the individual money-lender himself, or the family, or the company or the unincorporated body, as the case may be.", "footnote": "", "is_definition": false, "sort_order": 5 }, { "number": "7", "title": "7. Grant of licence and entry in register.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 6 }, { "number": "8", "title": "8. Licence fee.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 7 }, { "number": "9", "title": "9. Refusal of issue of licence.", "chapter": null, "content": "(a) that the applicant, or any person responsible or proposed to be responsible for the management of his business as a money-lender is disqualified from holding a licence;\n(b) that the applicant has not complied with the provisions of this Act or the rules in respect of an application for the grant of licence;\n(c) that the applicant has made wilful default complying with or knowingly acted in contravention of any requirement of this Act;\n(d) that satisfactory evidence has been produced that the applicant or any person responsible or proposed to be responsible for the management of his business of money-lending has-\n(i) knowingly participated in or connived at any fraud or dishonesty in the conduct of or in connection with the business of money-lending; or\n(ii) been found guilty of an offence under Chapter XVII or sections 465, 477 or 477-A of Chapter XVIII of the Indian Penal Code, 1860 (Central Act 45 of 1860);\n(iii) In the opinion of the Registrar, used money from the source which is questionable and doubtful.", "footnote": "", "is_definition": false, "sort_order": 8 }, { "number": "10", "title": "10. Registrar's power to cancel licences.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 9 }, { "number": "11", "title": "11. Term of licence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 10 }, { "number": "12", "title": "12. Fees for renewal of licence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 11 }, { "number": "13", "title": "13. Levy of inspection fee.", "chapter": null, "content": "Explanation.", "footnote": "", "is_definition": false, "sort_order": 12 }, { "number": "14", "title": "14. Stay of suits by money-lender not holding licence.", "chapter": null, "content": "(a) suits in respect of loans advanced by a money-lender before the date on which this Act comes into force; provided such money-lender has, within 15 days of the date of coming into force of this Act, registered himself;\n(b) the powers of a Court of Wards, or an Official Assignee, a receiver, an administrator or a Court under the provisions of the Presidency-Towns Insolvency Act, 1909 (Central Act 3 of 1909), or the Provincial Insolvency Act, 1920 (Central Act 5 of 1920) or any other law in force corresponding to that Act, or of a liquidator under the Companies Act, 1956, to realise the property of a money-lender.", "footnote": "", "is_definition": false, "sort_order": 13 }, { "number": "15", "title": "15. Regarding past transactions of money-lending.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 14 }, { "number": "16", "title": "16. Application for cancellation of licence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 15 }, { "number": "17", "title": "17. Registrar and Assistant Registrar to have powers of Civil Court.", "chapter": null, "content": "(a) enforcing the attendance of any person and examining him on oath;\n(b) compelling the production of documents and materials/objects;\n(c) issuing commissions for the examination of witnesses; and\n(d) proof of facts by affidavits.", "footnote": "", "is_definition": false, "sort_order": 16 }, { "number": "18", "title": "18. Power of authorised officer to require production of records or documents.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 17 }, { "number": "19", "title": "19. Disposal of property pledged with money-lender carrying on business of money-lending without valid licence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 18 }, { "number": "20", "title": "20. Court's power to cancel or suspend a licence.", "chapter": null, "content": "(ii) a Court trying a suit to which this Act applies; if satisfied that such money-lender has committed contravention of the provisions of this Act or the rules as would, in its opinion, make him unfit to carry on the business of money-lending.-\n(a) shall order that all the licences held by such money-lender in the State be cancelled or suspended for such time as it may think fit; and\n(b) shall, if it thinks fit, declare any such money-lender, or if any money-lender is an undivided Hindu family, a company or an unincorporated body, such family, company or body and also any person responsible for the management of the business of money-lending carried on by such family, company or body, to be disqualified from holding any licence in the State for such time as the court may think fit.", "footnote": "", "is_definition": false, "sort_order": 19 }, { "number": "21", "title": "21. No compensation for suspension or cancellation of licence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 20 }, { "number": "22", "title": "22. Persons debarred from doing business during period of suspension or cancellation of licence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 21 }, { "number": "23", "title": "23. Person whose licence is suspended or cancelled not to apply without giving particulars of endorsement or of disqualification.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 22 }, { "number": "24", "title": "24. Duty of money-lender to keep accounts, and furnish copies.", "chapter": null, "content": "(a) deliver or cause to be delivered-\n(i) to the debtor within 30 days from the date on which a loan is made, a statement in any recognised language, showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the debtor and of the money-lender and the rate of interest charged:\n(ii) to the Assistant Registrar, within the said period, a statement containing the particulars referred to in clause (a) (i);\n(b) upon repayment of a loan in full, mark indelibly every paper signed by the debtor with words indicating payment or cancellation, and discharge every mortgage, restore every pledge, return every note and cancel or reassign every assignment given by the debtor as security for the loan.", "footnote": "", "is_definition": false, "sort_order": 23 }, { "number": "25", "title": "25. Delivery of statement of accounts and copies thereof by money-lender.", "chapter": null, "content": "(i) the amount of principal, the amount of interest, separately, due to the money-lender at the beginning of the year;\n(ii) the total amount of loans advanced during the year;\n(iii) the total amount of repayments received during the year; and\n(iv) the amounts of principal and interest due at the end of the year.", "footnote": "", "is_definition": false, "sort_order": 24 }, { "number": "26", "title": "26. Debtor not bound to admit correctness of accounts.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 25 }, { "number": "27", "title": "27. Procedure of Court in suit regarding loans.", "chapter": null, "content": "(a) a Court shall, before deciding the claim on merits, frame and decide the issues whether the money-lender has complied with the provisions of sections 24 and 25;\n(b) if the Court finds that the provisions of section 24 or section 25 have not been complied with by the money-lender, it may, if the plaintiff's claim is established, in the whole or in part, disallow the whole or any portion of the interest found due, as may seen reasonable to it in the circumstances of the case and may disallow costs.\nExplanation.", "footnote": "", "is_definition": false, "sort_order": 26 }, { "number": "28", "title": "28. Provisions of certain sections not to apply to loans made by company or unincorporated body exempted by Government.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 27 }, { "number": "29", "title": "29. Power of Court to limit interest recoverable in certain cases.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 28 }, { "number": "30", "title": "30. Power of Court to direct payment of decretal amount by instalment.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 29 }, { "number": "31", "title": "31. Limitation on rates of interest.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 30 }, { "number": "32", "title": "32. Provision of charge for expenses on loans by money-lender.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 31 }, { "number": "33", "title": "33. Notice and information to be given on assignment of loans.", "chapter": null, "content": "(a) give the assignee notice in writing that the loan, interest, agreement or security is affected by the operation of this Act;\n(b) supply to the assignee all information necessary to enable him to comply with the provisions of this Act; and\n(c) give the debtor notice in writing of the assignment supplying the name and address of the assignee.", "footnote": "", "is_definition": false, "sort_order": 32 }, { "number": "34", "title": "34. Application of Act as respects assignees.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 33 }, { "number": "35", "title": "35. Reopening of transactions.", "chapter": null, "content": "(a) reopen any transaction, or any account already taken between the party;\n(b) take an account between the parties;\n(c) reduce the amount charged to the debtor in respect of any excessive interest;\n(d) if on taking accounts it is found that the money-lender has received more than what is due to him, pass a decree in favour of the debtor in respect of such amount:\n(i) reopen any adjustment or agreement purporting to close previous dealings and to create new obligations which have been entered into by the parties or any person through whom they claim at a date more than six years from the date of this suit;\n(ii) do anything which affects any decree of Court.\nExplanation.", "footnote": "", "is_definition": false, "sort_order": 34 }, { "number": "36", "title": "36. Inquiry for taking accounts and declaring the amount due.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 35 }, { "number": "37", "title": "37. Deposit in Court of money due to money-lender.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 36 }, { "number": "38", "title": "38. When interest to be paid for entire month.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 37 }, { "number": "39", "title": "39. Entry of a wrong sum in bond, etc., to be an offence.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 38 }, { "number": "40", "title": "40. Penalty for making false statement.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 39 }, { "number": "41", "title": "41. Penalty for obtaining licence under fictitious name, carrying on money-lending business without valid licence and entering into agreement in the course of money-lending business carried on under fictitious name.", "chapter": null, "content": "(a) obtains a licence in the name which is not his true name or carries on the business of money-lending under licence so obtained, or\n(b) carries on business of money-lending at any place without holding a valid licence authorizing him to carry on such business at such place, or\n(c) enters into any agreement in the course of business of money-lending without a valid licence or under a licence obtained in the name which is not his true name shall, on conviction, be punished,-\n(i) for the first offence, with imprisonment of either description which may extend to one year or with fine which may extend to rupees fifty thousand and five hundred or with both, and\n(ii) for the second or subsequent offence, in addition to, or in lieu of, the penalty of Rs. one lakh, with imprisonment which shall not be less than two years, where such person is not a company, and with fine which shall not be less than rupees one lakh, where such person is a company.", "footnote": "", "is_definition": false, "sort_order": 40 }, { "number": "42", "title": "42. Penalty for molestation.", "chapter": null, "content": "Explanation.\n(a) obstructs or uses violence to or intimidates such other person; or\n(b) persistently follows such other persons from place to place or interferes with any property owned, or used by him or deprives him of, or hinders him in, use thereof; or\n(c) loiters near a house or other place where such other person resides or works or carries on business, or happens to be, or does any act calculated to annoy or intimidate such other person, molest shall be deemed to molest such other person:", "footnote": "", "is_definition": false, "sort_order": 41 }, { "number": "43", "title": "43. General provision regarding penalties.", "chapter": null, "content": "(a) for the first offence with simple imprisonment which may extend to one year or with fine which may extend to rupees fifty thousand or with both, and\n(b) for the second or subsequent offence, with imprisonment of either description which may extend to two years or with fine which may extend to rupees 1,00,000/- or with both.", "footnote": "", "is_definition": false, "sort_order": 42 }, { "number": "44", "title": "44. Offences by corporations, etc.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 43 }, { "number": "45", "title": "45. Certain offences to be cognizable.", "chapter": null, "content": "(a) under section 43 for contravening the provisions of section 5; and\n(b) under section 42, shall be cognizable.", "footnote": "", "is_definition": false, "sort_order": 44 }, { "number": "46", "title": "46. Cognizance of certain offences.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 45 }, { "number": "47", "title": "47. Arrest and imprisonment in execution of decree for money, against agricultural debtors, abolished.", "chapter": null, "content": "Explanation.", "footnote": "", "is_definition": false, "sort_order": 46 }, { "number": "48", "title": "48. Every officer to be public servant.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 47 }, { "number": "49", "title": "49. Power of the Government to delegate its powers.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 48 }, { "number": "50", "title": "50. Power to make rules.", "chapter": null, "content": "(a) the form of register under section 4;\n(b) the form of the application for a licence, the further particulars to be included therein and the manner of payment of licence fee under section 6;\n(c) the form and conditions of the licence, and the manner of payment of licence fee under section 7;\n(d) the manner of publishing a notice under sub-section (4) of section 19 for inviting claims to property pledged with a money-lender;\n(e) the form of cash book and ledger and the manner in which they should be maintained and other particulars to be prescribed under section 24;\n(f) the form of the statement of accounts and pass book to be furnished or delivered and the date before which it is to be furnished or delivered under sub-section (1), the fee to be paid under sub-section (2) and the sum of expenses to be paid under sub-section (3), of section 25;\n(g) the form of application under sub-section (1) of section 36;\n(h) any other matter which is or may be prescribed under this Act or any matter for which there is no provision or insufficient provision in this Act and for which provision is, in the opinion of the Government, necessary for giving effect to the provisions of this Act.", "footnote": "", "is_definition": false, "sort_order": 49 }, { "number": "51", "title": "51. Repeal and saving.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 50 } ], "metadata": { "Act ID": "goa065", "Act Number": "(Goa Act 58 of 2001)", "Enactment Date": "", "Act Year": "2001", "Short Title": "The Goa Money-Lenders Act, 2001", "Type": "STATE", "Location": "Goa" }, "updated_at": "2026-09-29 21:55:19" }