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Cabinet decides to maintain registration of money lenders
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Cabinet decides to maintain registration of money lenders

Money lenders are prohibited from collecting more than the interest rates fixed by the Government

The State Cabinet, on Wednesday, has taken an important decision - to prevent money lenders and loan providers from exploiting debtors. The Cabinet also decided to appoint a special authorities for registering money lenders and accredited loan providers. The Cabinet approved the draft of the Andhra Pradesh Money Lenders' Bill 2010, a consolidation of all the existing Acts pertaining to money lenders from prohibiting money lenders from providing loans without obtaining registration under the Act.

According to the Act, money lenders should maintain a cash book, a ledger, register of securities and other such accounts books. They should not collect more than the interest rates fixed by the government for any local area and the money lenders have been prohibited from collecting interest more than the principal amount and they are also restricted from taking any promissory not, acknowledgment or other documents without mentioning the principal.

The Cabinet approved the proposal for enhancing the life tax on certain vehicles like motor car, personalized vehicles owned by institutions and organizations and also second or more personal vehicles owned by an individual. According to reliable sources said that the minsters have ratified bifurcation of Vigilance and Security wings at TTD. It has been decided to shut down the AP Meat Development Corporation and transfer its assets, liabilities and staff to AP Sheep and Goat Development Cooperative Federation.

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