The Andaman and Nicobar Islands Money-lenders (Amendment) Regulation, 1958.
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REGISTERED No. D. 221 The Gazette of India EXTRAORDINARY PART II—Section 1 PUBLISHED BY AUTHORITY No. 1] NEW DELHI, MONDAY, JANUARY 6 1958/PAUSA 16, 1879 MINISTRY OF LAW New Delhi, the 6th January, 1958. THE ANDAMAN AND NICOBAR ISLANDS MONEY-LENDERS (AMENDMENT) REGULATION, 1958 No. 1 OF 1958 Promulgated by the President in the Eighth Year of the Republic of India. A Regulation to amend the Andaman and Nicobar Islands Money-lenders Regulation, 1956. In exercise of the powers conferred by article 240 of the Constitution, the President is pleased to promulgate the following Regulation made by him: — 1. (1) This Regulation may be called the Andaman and Nicobar Islands Money-lenders (Amendment) Regulation, 1958. (2) It shall come into force at once. Short title and com- mencement. of 1956. of 1955. 2. In section 2 of the Andaman and Nicobar Islands Money-lenders Regulation, 1956 (hereinafter referred to as the principal Regulation), in clause (a), after the words and figures "Banking Companies Act. 1949", the words and figures "and includes the State Bank of India constituted under the State Bank of India Act, 1955" shall be inserted. Amendment of section 2. 2 THE GAZETTE OF INDIA EXTRAOBDOTARY [PART II—SEC. 1] Insertion ol new section 16A. 3. After section 10 of the principal Regulation, the following section shall.be inserted, namely: — Limitation of amount of interest. 1 "16A. Notwithstanding anything contained in any law for the time being in force or in any agreement, no debtor shall be liable to pay— (a) any sum in respect of principal and interest which together with any amount already paid or included in any decree in respect of a loan, exceeds twice the amount of tEe" principal of the original loan; (b) on account of interest outstanding on the data upto which the liability of the debtor is computed, a sum greater than the prinoipal outstanding on such date.". RAJENDRA PRASAD, President. Addl. Secy, to the Gout, of India. PRINTED IN INDIA BY THE GENERAL MANAGER, GOVERNMENT Off INDIA pKESS> NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS, DELHI, 1B5H