icon Cheque and pronote

In December of 2019, the second week, I lent money to a known person. Rs. 100000 for 5 percent interest per month. In that time, I gave my four signed cheque leaf and pro-note papers, and within four


A. Dear Client,

In case of mishandling of cheque leafs and promissory notes, one may consider filing a complaint of cheating with the police. While the police may not take immediate action, lodging such a complaint serves as a defensive measure against potential false accusations from the other party in the future. This action can be crucial for safeguarding one's interests and ensuring legal protection in case of any disputes.

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icon Overdue Loan

Sir I take loan 7500₹ in it's overdue 365+ days . I want some more time to repay. The amount I 16100₹ .What can I do now .


A. Dear Client,

The information you provided appears to be a mix of details related to the Provincial Insolvency Act, 1920 (which is now repealed) and debt settlement practices. It's essential to clarify that the current bankruptcy framework in India is governed by the Insolvency and Bankruptcy Code, 2016 (IBC), and the Provincial Insolvency Act, 1920, is no longer in effect.

Under the IBC, individuals and partnership firms can file for bankruptcy under the provisions of the individual insolvenc ...ReadMore

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icon Money lender charging 10% interest per month

Hello, Please help me, as I don't know what to do about this issue. My wife has taken a loan from a person living in our vicinity. She had taken a sum of 1lac 60 thousand @ 10% interest per MONTH, ie


A. Dear Client,

Engaging in money lending or any financial transactions without the required license or permission from the relevant regulatory authorities, such as RBI or SEBI, may lead to legal consequences under the Prevention of Money Laundering Act, 2002 (PMLA). This legislation is designed to combat the criminal act of legitimizing income/profits derived from illegal sources.

Under Section 3 of the PMLA, 2002, anyone directly or indirectly involved in processes or activities connected with ...ReadMore

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icon Guide to Obtaining a Money Lending License in Assam

How do I apply for a money lending license in Assam? And what's the maximum interest rate allowed per month according to the law?


A. Dear Client,

Under the Assam Money Lender's (Amendment) Act, 1968, any person engaged or intending to engage in the money-lending business must register by submitting an application to the Registrar in the prescribed form along with the required fees. Upon registration, the Registrar issues a certificate in the prescribed format.

Section 9(1) of the Act stipulates that no money-lender can, for any loan made before or after the commencement of the Act, recover, whether through legal means or o ...ReadMore

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icon draft for loan funding to existing sole propritorship firm with fixed returns

draft for loan funding to existing sole propritorship firm with fixed returns What type of legal agreement would hold Legal standing in The Indin courts for a person making investment in a running Sol


A. 1) It depends on what type of business the proprietor company is having.
2) The business should be of some physical commodities like paper distributorship, onions etc. like it should not be off the market commodities like shares finance or further investments as the business should be physically visible to you.
3) Fixed income of 5% interest is not applicable in any courts maximum what you can ask for the interest is 24% per annum.
4) If you want such higher interest or something of that sort, i ...ReadMore

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icon Money debt

One of my relatives took a debt of ₹4 lakhs and is refusing to pay it back to me...and i have a bond paper where it's written that he'll pay me on a date ...and that date has gone...what should i do


A. Dear Client,,
Based on the Bond, you can serve a legal notice to the person demanding payment of the loan failing which you have to file a money suit against your relative in the Civil Court. Reach out to an Advocate for guidance and steps.

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icon Unable to repay the amount taken as zip pay later on mobikwik app

What should I do as I was unable to pay the amount taken as zip pay later due to job loss and medical emergency of my wife as the also sent me legal notice


A. Dear client
As you have taken a loan you have to pay it back.There is no alternative to it but you can do is file an application to delay the payment reback procedure.
Sometimes depending upon the clause, you need to go for either arbitration or any other way out.
Send a legal notice to the loan giver authority/agency and request for time.

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icon Microfinance company

I run section 8 microfinance company. And I want to give loan to only those persons who've taken membership/subscription of my company. So is it allowed to give loan to only members in section 8 micro


A. Dear Client,
In the context of a Section 8 microfinance company, offering loans exclusively to members who have taken a subscription or membership of your organization is a practice that can be legally viable, given that the company is structured as a not-for-profit entity with the primary objective of promoting charitable activities. However, it is crucial to ensure that this practice aligns with the specific regulations and guidelines governing Section 8 companies, microfinance institutions, a ...ReadMore

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icon Unable to pay EMI and credit card outstanding

My EMI and credit card payment exceeded my salary amount resulting unable to pay all dues. RBL bank's recovery agent/customer care are giving threatening to send recover agent to my locality. I have s

2 Response(s)

2 months ago


A. Dear Client,
Facing financial challenges can be stressful, and it's important to handle the situation carefully. Firstly, try to communicate with your bank and explain your financial difficulties. Share a detailed breakdown of your income and expenses to demonstrate your financial constraints. Request for a revised repayment plan or extension that aligns with your current financial situation.
Document your communication with the bank and recovery agents, including any threatening language. If yo ...ReadMore

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icon Money loss in trading

We don't have paper agreement we verbal commitment, my friend will invest I will trade we both share profit we didn't talk about loss now I lost in trading he is threatening me to police complaint

2 Response(s)

2 months ago


A. Dear Client,
Oral agreement are not binding on the either parties. But legal FIR can be filed but you may challenge in the high court.
Thankyou

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