The Madhya Pradesh Money Lender Act will be reviewed to include provisions for better controlling and action against moneylenders charging excess interest and non-licensed moneylenders doing money lending business.
Action will also be taken immediately against unauthorised investment consultants. These decisions were taken in the meeting of State-level committee of non-banking financial companies and non-corporate bodies held under the chairmanship of Chief Secretary SR. Mohanty.
It was decided in the meeting that it would be ensured by verification that Janhit banks are not doing illegal activities in the four districts in the state where activities of Janhit Banks were not verified for closing. The committee decided to initiate immediate action by district collectors, taking serious note on the issue of not taking action against companies accepting deposits in Sehore and Ratlam districts.
It was decided that before sending complaints to STF, it will be ensured by SEBI that complaints are cognizable offence under certain section so that immediate action can be taken. In the 24 cases in which CID did not take action, Reserve Bank of India will investigate them again to inform to CID so that further action can be taken.
The Committee decided that such cases, in which properties of financial companies have been confiscated and decision has already been approved by competent court, process for payment of confiscated amount will be initiated by inviting objections and claims.