THE KARNATAKA MONEY LENDERS (AMENDMENT) ACT, 2021
(Received the assent of the Governor on the 25th day of March, 2021)
KARNATAKA ACT NO 12 OF 2021
(First published in the Karnataka Gazette Extra-ordinary on the 26th day of March, 2021)
An Act further to amend the Karnataka Money Lenders Act, 1961.
Whereas, it is expedient further to amend the Karnataka Money Lenders Act, 1961 (Karnataka Act 12 of 1962) for the purposes hereinafter appearing;
Be it enacted by the Karnataka State Legislature in the seventy second year of the Republic of India as follows:-
1. Short title and commencement.- (1) This Act may be called the Karnataka Money Lenders (Amendment) Act, 2021.
(2) It shall come into force at once.
2. Amendment of section 38.- In section 38 of the Karnataka Money Lenders Act, 1961 (Karnataka Act 12 of 1962)(herein after referred to as the Principal Act), for the words “may extend to six months or with fine which may extend to five thousand rupees or with both”, the words “may extend to one year or with fine which may extend to fifty thousand rupees or with both” shall be substituted.
3. Amendment of section 39.- In section 39 of the Principal Act, for clause(a) and clause (b) and entries relating thereto, the following shall be substituted namely:-
“(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.”
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