Circular of the Industries and Commerce Department, Government of Karnataka dated 1st November, 1969 on section 7 of the Karnataka Money Lenders Act, 1961 [C10-MCB]

F. No. 5/51/1969-DEPA

Government of Karnataka

Industries and Commerce Department

dated the 1st November, 1969

To

All Registrars and all Controllers

Subject: Section 7 of the Karnataka Money Lenders Act, 1961 (Karnataka Act 12 of 1961), the business of a firm, regarding.

1. References have been received in the Industries and Commerce Department, Government of Karnataka seeking clarification on the manner in which section 7 of the Karnataka Money Lenders Act, 1961 (Karnataka Act 12 of 1961) (hereinafter referred to as the Act) is to be applied to firms who undertake the business of a firm at more than one place.

2. The matter has been examined. Section 7 of the Act requires every firm to maintain the records and registers prescribed and to furnish the return within the period stated in that section.

3. It is, accordingly, clarified that separate records shall be maintained in respect of each place at which the business of a firm is undertaken, and a single return covering all such places shall be furnished in accordance with section 7 of the Act and the rules made thereunder.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Industries and Commerce Department, Government of Karnataka.

(Under Secretary to the Government of Karnataka)