THE TAMIL NADU PAWNBROKERS (SECOND AMENDMENT) ACT, 1979.
[Received the assent of the Governor on the 28th May 1979, first published in the Tamil Nadu Government Gazette Extraordinary on the 30th May 1979 (Vaikasi 16, Chitharthi (2010-Tiruvalluvar Andu)).]
An Act further to amend the Tamil Nadu Pawn-brokers Act, 1943.
BE it enacted by the Legislature of the Skate of Tamil Nadu in the Thirtieth Year of the Republic of India as follows:—
Short title
1. This Act may be called the Tamil Nadu Pawnbrokers (Second Amendment) Act, 1979.
Amendment of section 6, Tamil Nadu Act XXIII of 1943
2. In section 6 of the Tamil Nadu Pawnbrokers Act, 1943 (Tamil Nadu Act XXIII of 1943), for sub-section (1), the following sub-section shall be substituted, namely:—
“(1) No pawnbroker shall charge interest in respect of a loan on a pledge at a rate exceeding such rate as the State Government may, by notification, fix from time to time:
Provided that the rate of interest as may be fixed by the State 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.”. |
