abhishreshthaa
Abhijeet S
Money lenders:
Though there are drawbacks, moneylenders are by far the most important source of agricultural credit in India. That we have already seen before, It is therefore, clear that the basic problem of the agricultural economy of India is the huge indebtedness of farmers and their exploitation by private moneylenders.
For that government of India make provisions in act as follows a. maintenance of accounts in prescribed forms, b. furnishing of the receipts and periodical statements, c. fixing of maximum rates of interest, d. Protection of the debtors from molestations and intimidations, e. licensing of moneylenders, and f. penalties for infringement of the provisions. The basic objectives of such legislative enactments can be stated as: I.
To bring about an improvement in the terms on which private credit was available to agriculturists and to place legal restrictions on the unreasonable exactions of moneylenders, II. To enable civil courts to do greater justice as between lenders and borrowers than was possible in the prevailing circumstances under the ordinary Code of Civil Procedure.
Though there are drawbacks, moneylenders are by far the most important source of agricultural credit in India. That we have already seen before, It is therefore, clear that the basic problem of the agricultural economy of India is the huge indebtedness of farmers and their exploitation by private moneylenders.
For that government of India make provisions in act as follows a. maintenance of accounts in prescribed forms, b. furnishing of the receipts and periodical statements, c. fixing of maximum rates of interest, d. Protection of the debtors from molestations and intimidations, e. licensing of moneylenders, and f. penalties for infringement of the provisions. The basic objectives of such legislative enactments can be stated as: I.
To bring about an improvement in the terms on which private credit was available to agriculturists and to place legal restrictions on the unreasonable exactions of moneylenders, II. To enable civil courts to do greater justice as between lenders and borrowers than was possible in the prevailing circumstances under the ordinary Code of Civil Procedure.