Gujarat Assembly passes amendment bill on money lenders
March 26, 2015
Gandhinagar
Gujarat Assembly today passed Gujarat Nana Dhirnar Karnara Baabat(Sudhara) Bill 2015.
Lender of money will need to give a note of dues in 45 days after a year instead of existing 30 days. Audit of accounts of those who lend over Rs. 50 lakh will be carried out by officers announced by Gujarat government or in other cases by chartered accountant. Provision of imprisonment for violation of section 21-22 has been canceled as it is administrative procedure and stringent punishment is not necessary as per the government. However provision of fine for violation of these sections has been continued.
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