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After the conflict, the decline of the Chettiar moneylending enterprise continued. This was due to a mix of assorted elements, together with stricter authorities policies concerning moneylending, immigration and employment practices. The expansion of the industrial and banking sectors also contributed to the decline of moneylending.33 Specifically, stricter insurance policies in submit-conflict Singapore towards moneylending activities have been believed to have dealt a extreme blow to the business. In the 1950s, for example, a new ordinance was enacted that required every private moneylender to be registered and licensed. They were additionally to be subjected to official supervision.34 Revisions to the Moneylenders’ Act within the 1970s enforced extra stringent guidelines on the moneylending business.35 These rules in all probability pressured many Chettiar moneylending firms out of business.36

5. (1) Whenever a claim indorsed on a abstract summons is for a liquidated sum solely, the indorsement, besides stating the amount claimed in respect of the demand, shall state the amount claimed for costs, and shall further state that on fee of such amounts for demand and prices inside six days after service, or within the case of a summons not for service within the jurisdiction, throughout the time restricted for look, further proceedings shall be stayed.

Fashionable cinema and basic literature inform many pathos-filled narratives of India’s poor caught in that karmic cycle of poverty. These tales inevitably end in tragedy. Farmers who fall into the moneylending trap find themselves locked in a white-knuckle gamble, juggling everlarger loans at usurious curiosity rates, within the hope that someday a bumper harvest will enable them to clear their debts – so they can take out new ones.