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Amendments of the Moneylenders Act, 1900.
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17.—(1) Where, in any proceedings heard after the commencement of this Act in respect of any money lent by a moneylender after the date of the passing of this Act or in respect of any agreement or security made or taken after the date of the passing of this Act in respect of money lent either before or after the date of the passing of this Act, it is found that the interest charged exceeds the rate of thirty-nine per cent. per annum, or the corresponding rate in respect of any other period, the Court shall conclusively assume for the purposes of section 1 of the Moneylenders Act, 1900, that the interest charged is excessive and that the transaction is harsh and unconscionable, but this provision shall be without prejudice to the powers of the Court under that section where the Court is satisfied that the interest charged, although not exceeding thirty-nine per cent, per annum is excessive.
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(2) Where a Court reopens a transaction of a moneylender under the said section 1 of the Moneylenders Act, 1900, as amended by this Act, the Court may require the moneylender to produce any certificate granted to him in accordance with the provisions of this Act, and may cause such particulars as the Court thinks desirable to be endorsed on any such certificate, and a copy of the particulars to be sent to the authority by whom the certificate was granted.
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