Andhra Pradesh to bring umbrella legislation to regulate money lending

Hyderabad, Apr 7: The Andhra Pradesh Cabinet today approved a Bill to bring under one umbrella all State Acts for effective regulation of money lending as suggested by Reserve Bank of India and curb high lending rates charged by unscruplous private money lenders.The Cabinet Meeting, chaired by Chief Minister K Rosaiah, at the Secretariat this evening, gave its nod for the Andhra Pradesh Money Lenders and Accredited Loan Providers Act, 2010 on the lines of the model bill suggested by the RBI.The Bill envisaged to bring under public officers all money lenders in an area and make them maintain books of accounts.Any loan in respect of which money lender or accredited loan provider had realised from debtor an amount equal to or more than twice the amount of principal should stand discharged and the amount, if any, so realized should be refunded, an official note here tonight said---------------------------------------------------------------------------------------------