Pressure from Money Lenders. Want to request more time for repayment.
2 months ago
Dear Sir/Madam,
Due to emergency requirement, I took hand loan from some of my friends. I paid them the capital amount along with returns(30% per month) and cleared the payment. Later I again took loan from the same people. But, due to some dependencies, I could not clear payment this time. I am willing to pay 25% to 30% per month as returns for them as committed. But, I need some more time. Do I have right to request for more time for repayment of loan along with interest.
A.Dear Client,
Since you availed the loan from private and unauthorized/unlicensed agencies, you have no legal remedy to ask for because trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, is an offense under the Prevention of Money Laundering Act, 2002 (PMLA) which was enacted to fight against the criminal offense of legalizing the income/profits from an illegal source. The Prevention of Money Laundering Act, 2002 enables the Government or the public authority to confiscate the property earned from the illegally gained proceeds. Nobody other than the recognized and approved NBFC or Financial Institution can be involved in the trading of financial transactions or money lending business.
Since you availed the loan from private and unauthorized/unlicensed agencies, you have no legal remedy to ask for because trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, is an offense under the Prevention of Money Laundering Act, 2002 (PMLA) which was enacted to fight against the criminal offense of legalizing the income/profits from an illegal source. The Prevention of Money Laundering Act, 2002 enables the Government or the public authority to confiscate the property earned from the illegally gained proceeds. Nobody other than the recognized and approved NBFC or Financial Institution can be involved in the trading of financial transactions or money lending business.
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