AP Money lenders Bill 2015 passed

Monday, December 21, 2015

AP Assembly today passed Andhra Pradesh Money Lenders Bill 2015. According to the bill, it is mandatory for all those who does the money lending to obtain licence for carrying out the business. The interested parties should also pay security deposit ranging from Rs.5,000 to Rs.2.5 lakh depending on the size of the lending in addition to arrange for display boards at their respective business comprising their names as also the quantum of interest they would charge.

The penal provisions in the bill including a jail term of up to three years and fine of Rs.1 lakh to check the exorbitant interests from the gullible people. Money lenders should with immediate effect keep the book of accounts and it should be open for inspection by the licensing authorities like a revenue officer of the rank of Tahsildar. The accounts of the moneylenders should be audited at least once a year by a chartered accountant and the documents should also be electronically posted. The officials have the powers to summon witnesses. The licence would be refused if the applicant was found guilty of fraud and when a moneylender refuses to accept the whole or any portion of the money due, the debtor could deposit the said amount in the court having jurisdiction to entertain a suit for recovery.

The Deputy Chief Minister N. Chinarajappa said that the money lenders would be given licence within 330 days of application and the licence would be deemed to have been issued if the officials concerned failed to sanction the same within the said period.

Private Universities Bill passed

The Legislative Assembly passed a legislation Andhra Pradesh Private Universities (Establishment and Regulation) Bill 2015. The Bill was introduced by the Minister for HRD Ganta Srinivasa Rao said that the objective of the legislation was to create and disseminate knowledge across broad range of disciplines. The Bill would enable a seamless ecosystem of best in call education which was sustainable and futuristic. The Bill has been brought in to facilitate global universities to set up their centres in the State.

Students protest over the bill
Members of various student organization created a flutter on the Assembly premises when they tried to stage a ‘Chalo Assembly’ protesting the Private Universities Bill. The students of NSUI, SFI, AISF and PDSU took part in the protest. They carried placards and banners and raised slogans against the government. The agitating students were forcibly whisked away by the police.

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