WOKHA, DEC 12 (DIPR): The Nagaland Money Lenders Act 2006 has come into force. This notification was issued by the Finance Department recently. As per the Act, Deputy Commissioners of respective districts shall be the Licensing Authority referred to as Registrar. A money-lender desiring to carry on the business of money lending in an area may contact the Registrar. To be eligible to apply for grant of license there are two categories, via those having deposit of Rupees 100 crores and above and those having bank deposit of Rupees 50,000 lakhs and above but less than Rupees 100 crores. Every money lender or pawnbroker shall maintain a capital account of loans to be submitted to the office of the Registrar. The Appellate Authority shall be the Commissioner, Nagaland.
