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Indian Laws - Highlights / Catch Notes

Home Highlights September 2023 Year 2023 This

Dishonour of Cheque - money lending business - It is acceptable ...

Indian Laws

September 20, 2023

Dishonour of Cheque - money lending business - It is acceptable proposition of law that section 3 of Punjab Registration of Money Lenders Act, 1938 does not limit operation of section 138 of the Act and both are independent and mutually exclusive to each other. If a person advances a loan even without having a valid money lending licence or certificate he can institute and prosecute complaint under section 138 of the Act on basis of cheques and he has to satisfy only the mandatory requirements of section 138 of the Act. - HC

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