The Usury Laws Repeal Act, 1855

The Usury Laws Repeal Act, 1855 is a legislation passed by the British government in India to abolish the traditional Indian laws that were in place to regulate money lending and borrowing. The act aimed to remove the legal restrictions on lending money and to encourage the development of a modern credit market. Before this act, the traditional Indian laws prohibited charging of high-interest rates and also imposed certain conditions on the money lending transactions. The act was passed to provide a legal framework for lending and borrowing of money and to promote the growth of trade and commerce in India.