GOA MONEY
LENDERS' (FIRST AMENDMENT) ACT, 1988 THE GOA MONEY LENDERS' (FIRST AMENDMENT) ACT, 1988 [Act No. 07 of 1988] [12th May, 1988] An Act
further to amend the Goa, Daman and Diu Money Lenders' Act, 1977. Be it enacted by the
Legislative Assembly of Goa in the Thirty-ninth Year of the Republic of India
as follows:- (1)
This Act may be called the Goa Money Lenders (First Amendment)
Act, 1988. (2)
II extends to the whole of the State of Goa. (3)
It shall come into force on such date as the Government may, by
notification in the Official Gazette, appoint. In section 1 of the Goa,
Daman and Diu Money Lenders' Act, 1977 (Act 7 or 1977) (hereinafter referred to
as the "principal Act"),- (i)
in sub-section (1), the words "Daman and Diu" shall be
deleted; (ii)
in sub-section (2), for the words "Union territory of Goa,
Daman and Diu", the words "State of Goa" shall be substituted. In section 2 of the
principal Act,- (i) for
clause (c), the following clause shall be substituted, namely:- "(c)
"Government" means the Government of Goa;"; (ii)
?in clause (i), under
Explanation, for the words "Union territory", wherever they occur,
the word "State" shall be substituted; (iii)
for clause (m), the following clause shall be substituted,
namely:- "(m) "State"
means the State of Goa;" For section 7 of the
principal Act, the following section shall be substituted., namely:- "7 Interest and
charges allowed to money lenders No money lender shall
charge interest on any loan at a rate exceeding such rate as the Government
may, by notification, fix from time to time: Provided that the rate of
interest as may be fixed by the Government shall be correlated to the current
bank rates of lending as may be fixed by the Reserve Bank of India, from time
to time". In section 22 of the
principal Act, in sub-section (3), the words "Daman and Diu" shall be
deleted.
Preamble - GOA MONEY LENDERS' (FIRST AMENDMENT) ACT, 1988PREAMBLE