The Maharashtra Money-Lending (Regulation) Ordinance, 2008 is awaiting
instructions from the President under Article 213(1) for its
promulgation. Responding to a Lok Sabha question, Minister of State Home
Affairs Smt. V. Radhika Selvi said that the Ordinance was being examined
in consultation with the administrative Ministries concerned. She said
that there were certain policy issues to be sorted out in consultation
with the concerned Ministries/Departments as well as state Government
hence, no time-frame can be fixed in this regard.
The Maharashtra Government
had expressed the opinion that the "The Bombay Money-Lenders act, 1946,"
was too inadequate to prevent the harassment of the farmer debtors by
the money-lenders. The State Government had proposed to promulgate an
Ordinance to make specific provisions to regulate the transactions of
Money-lending in the State.