Jammu and Kashmir Regulation of Accounts Act, 2001 (1944 A.D.)
No: 14 Dated: Dec, 14 2001
THE JAMMU AND KASHMIR REGULATION OF ACCOUNTS ACT, 2001 (1944 A.D.)
(Act No. XIV of 2001)
An Act to regulate the keeping of accounts of certain transactions.
Preamble. - Whereas it is expedient to make provision for regulating the keeping of accounts relating to certain transactions in the Jammu and Kashmir State;
It is hereby enacted as follows:-
1. Short title, extent and commencement. - (a) This Act may be called the Jammu and Kashmir Regulation of Accounts Act, 2001.
(b) It shall extend to the Jammu and Kashmir State.
(c) It shall come into force on such day as the Government may, by notification in the Government Gazette, appoint in this behalf:
Provided that this day shall not be earlier than six months or later than one year after the date of final publication of the rules made under section 6.
2. Definitions. - In this Act, unless there is anything repugnant in the subject or context,-
(a) "bank" means a company carrying on the business of banking;
(b) "company" means a company as defined in the Jammu and Kashmir Companies Act for the time being in force;
(c) "co-operative society" means a society registered or deemed to be registered under the provisions of the Jammu and Kashmir Co-operative Societies Act;
(d) "creditor" means a person who in the regular course of business advances a loan as defined in this Act, and shall include, subject to the provisions of section 3, the legal representatives and the successor-in-interest whether by inheritance, assignment or otherwise of the person who advanced the loan;
(e) "interest" includes the return to be made over and above what was lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise;
(f) "loan" means an advance whether of money or in kind at interest and shall include any transaction which the Court finds to be in substance a loan, but it shall not include-
(i) a deposit of money or other property in a Government Post Office Bank or any other bank or in a company or with a co-operative society,
(ii) a loan advanced by Government or by any local body authorised by Government,
(iii) a loan advanced by a bank, a co-operative society or a company whose accounts are subject to audit by a certified auditor under any law for the time being in force in the State,
(iv) a loan advanced to a trader,
(v) an advance made on the basis of a mortgage deed ;
(g) "prescribed" means prescribed by rules made under this Act.