Section 10 of CoI : Section 10: Power of District Council to make regulations for the control of money-lending and trading by non-tribals.

Explanation using Example

Example 1:

Scenario: A non-tribal businessman, Mr. Sharma, wants to start a money-lending business in an autonomous district in Meghalaya.

Application of the Act:

1. Licensing Requirement: Mr. Sharma must apply for a money-lending license from the District Council. Without this license, he cannot legally operate his money-lending business.
2. Interest Rate Regulation: The District Council has set a maximum interest rate of 15% per annum for money-lending. Mr. Sharma must adhere to this rate and cannot charge more than 15% interest on any loans he provides.
3. Account Maintenance: Mr. Sharma is required to maintain detailed accounts of all his money-lending transactions. These accounts must be available for inspection by officers appointed by the District Council.
4. Governor's Assent: The regulations under which Mr. Sharma is operating must have been submitted to and assented by the Governor to be effective.

Example 2:

Scenario: A non-tribal trader, Ms. Verma, wants to open a retail grocery store in an autonomous district in Assam.

Application of the Act:

1. Licensing Requirement: Ms. Verma must obtain a retail business license from the District Council. Without this license, she cannot legally operate her grocery store.
2. Existing Business Protection: Ms. Verma has been running a small ...

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