Tamil nadu act 034 of 1979 : Tamil Nadu Pawnbrokers (Second Amendment) Act, 1979

Preamble

Tamil Nadu Pawnbrokers (Second Amendment) Act, 1979*

[Tamil Nadu Act No. 34 of 1979]*[30th May, 1979]

An Act further to amend the Tamil Nadu Pawnbrokers Act, 1943.

Be it enacted by the Legislature of the State of Tamil Nadu in the Thirtieth Year of the Republic of India as follows:-

* For Statement of Objects and Reasons, see Tamil Nadu Government Gazette Extra ordinal y, dated the 25th April, 1979, Part IV - Section 1, Page 277.

* 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

Section 1. Short title

1. Short title.- This Act may be called the Tamil Nadu Pawnbrokers (Second Amendment) Act, 1979.

Section 2. Amendment of section 6, Tamil Nadu Act XXIII of 1943

2. Amendment of section 6, Tamil Nadu Act XXIII of 1943.- 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.".

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