AP Money Lenders Act, 2017

Andhra Pradesh Legislative Assembly today passed a bill aiming to regulate the private money lending business.
The act provides that money lending cannot be done without a license, and the government may, from time to time, specify the maximum rate of interest chargeable by money lenders for any local area.
As per the act, accounts of money lenders shall be audited at least once a year and punishment for charging a rate of interest higher than that shown in the account is up to one year and may extend up to three years.
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