Money lenders pressuring my family
2 months ago
Dear Sir/Madam,
I took a handloan from someone at my office and due to pressure situation, i committed to pay 30% interest per month to him. I missed the repayment deadline by one month. And that person texted my wife and threatened to involve police in the matter. I am already planning to repay his money along with promised interest by the end of this month. But, due to his message to my wife, we faced lot of issues at my home.
My doubt is that as there has been lot of disturbance created at my home because of him, Can i refrain from giving 30% as interest and instead of that, can i give him 4% or 5% as interest and settle the capital and interest by the end of this month. Is it legally correct.?
Please post some valuable suggestions.
Thank you.!
If any person is involved in trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, then he may be booked 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, once reported to the vigilance cell. The Prevention of Money Laundering Act, 2002 enables the Government or the public authority to confiscate the property earned from the illegally gained proceeds. As per Sec.3 of PMLA, 2002, whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the [proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming] it as untainted property shall be guilty of the offense of money-laundering. The offender can face imprisonment for not less than three years, extending up to seven years. Nobody other than the recognized and approved NBFC or Financial Institution can be involved in the trading of financial transactions or money lending business. In case of harassment by the lender, you can serve a strong legal notice in that direction asking him to refrain from any type of harassment or coercive action and informing him that the money will be refunded with interest as per the Bank rate. In the absence of recorded financial transactions, both the lender and borrower are unable to take any action against each other.
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