GENERAL KNOWLEDGE

Detailed explanation-1: -An Act to give additional powers to Court to deal in certain cases with usurious loans of money or in kind. Whereas, it is expedient to give additional powers to Courts to deal in certain cases with usurious loans of money or in kind; it is hereby enacted as follows : Short title and extent.

Detailed explanation-2: -"Usury” is the unlawful act of charging interest on a debt (including discount points, fees and other charges) at a rate greater than what is permitted under any applicable law or exemption from a law.

Detailed explanation-3: -Anything above a rate of 18% per annum can be considered an exorbitant rate, and thus an offence. However, usurers operate outside of these laws, with their rates of interest rising several times higher than this limit set by law.