Bill to regulate money lending passed in Maha Assembly

A bill to regulate transactions of of money lending in the state was today passed in the Maharashtra Legislative Assembly with the government accepting the Opposition's demand to do away with the provision of five-year limitation for probing cases of illegal lending.
Co-operation minister Harshvardhan Patil told the House that the condition of limitation will be suitably amended in the next session.
The minister admitted that the delay in getting the Centre's approval for the Act, which was passed in the state legislature, was because of the involvement of several departments in the Central government.
Patil said Rs 22,700 crore crop loan has been disbursed to farmers this year and in the next year's credit plan of Rs one lakh crore, the target for crop loan is Rs 40,000 crore.

In the recent times, about 1,400 branches of banks have been opened in the state.
He stressed that awareness campaign needs to be undertaken on how to lodge complaints under the Act and the help of Home Department will be needed for the purpose.

The Act will go a long way in effectively preventing harassment of farmers debtors at the hands of money lenders, he said.
Earlier, BJP legislator Devendra Fadanvis criticised the provision that complaints within five-year limit will be investigated.
"This means that illegal acts of private money lenders dating back to more than five years ago will have to be forgotten. Is the government trying to protect someone?" he asked.