Karnataka Money Lenders (Amendment) Bill, 2021

Mar 12, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The State Government of Karnataka on March 09, 2021 has issued the Karnataka Money Lenders (Amendment) Bill, 2021 to further amend the Karnataka Money Lenders Act, 1961.

The following amendments are made:-

1)  Section 38 which specifies Penalty for molestation has been substituted: -

“Whoever molests, or abets the molestation of, a debtor for the recovery of a debt due by him to a creditor shall, on conviction, be punished with imprisonment which may extend to 6 months or with fine which may extend to Rupees 5000/- or with both.”

2)   Section 39 which specifies General Provision regarding penalties, the following has been substituted: -

(a) for the first offence with simple imprisonment which may extend to one year or with fine which may extend to fifty thousand rupees or with both, and 

(b) for the second or subsequent offence with simple imprisonment which may extend to two year or with fine which may extend to one lakh rupees or with both.” 

[LA Bill No. 14 of 2021]


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