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Maharashtra Money-Lending (Regulation) Ordinance, 2008 with Central Government for Presidentís approval

New Delhi: February 24,2009

               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.

 

                Article 213(1) deals with Ordinance promulgation powers of the Governor during the recess of the State Legislature. The State Legislations are examined from three angles viz. (a) repugnancy with Central Laws, (b) deviation from National or Central Policy and (c) legal and Constitutional validity.

 

 

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