They also have to submit quarterly report on the borrowers and the mortgages to the RMAThe central bank also goes inspects the authorized private moneylenders from time to time.Damche Tenzin said courts will not acceptant monetary case thatcontradicts the rules andregulations of privatemoney lending.
For the Indian moneylenders, registration is a small price to pay for the opportunity to engage in a business that has low operating costs but high returns, although fraught with the risk of getting mugged (or worse, killed) when they do their collection rounds.
CASH-STRAPPED families are turning to illegal moneylenders in the run-up to Christmas as the country is gripped by another "Celtic Tiger frenzy" of spending.
Meanwhile, Indian Embassy first secretary Ram Singh said diplomats would raise awareness of the dangers of illegal moneylenders during meetings with low-paid workers.
The note said government schemes " do not address plight of farmers who have taken loans from moneylenders," while suggesting a comprehensive solution to the problem.