REGISTERED NO . DL-(N) 04/0007/2003-05
रजिस्ट्री सं० डी० एल (एन)04/0007/2003-05
भारत को राजपत्र The Gazette ofIndia
असाधारण
EXTRAORDINARY
भाग II - खण्ड 2
PART II- Section 2
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
नई दिल्ली, सोमवार , मार्च 21 , 2005/ फाल्गुन 30, 1926
10]
NEW DELHI, MONDAY, MARCH 21 , 2005 / PHALGUNA 30, 1926
No. 10]
इस भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सके । Separate paging is given to this Part in order that it may be filed as a separate compilation.
RAJYA SABHA
The followingBill was introduced in the Rajya Sabha on 21st March, 2005 :-
BILL NO . XXXVIII OF 2005
ABill to repeal the Hire-purchase Act, 1972.
BE it enacted by Parliament in the Fifty- sixth Year ofRepublic of India as follows :-
Short title.
1. ThisAct may be called the Hire-purchase (Repeal ) Act, 2005.
2. TheHire-purchase Act, 1972 is hereby repealed.
Repeal of Act 26 of 1972.
2
THE GAZETTE OF INDIA EXTRAORDINARY
[PART II-SEC. 2 ]
STATEMENT OF OBJECTS AND REASONS
The Hire-purchase Act , 1972 was enacted to regulate the rights and duties ofparties to hire-purchase agreements . The Act , inter alia, provides for a ceiling on hire -purchase charges. Originally, it was intended to bring the Act into force w.e.f. 1.6.1973 but on several representations received from the public against bringing the Act into force , it was decided not to bring the Act into force . The provisions of the Act were examined in the light of the suggestions received from various interest groups and consequently the Hire -purchase (Amendment) Bill , 1989 was introduced in Rajya Sabha . The said Bill was referred to the Department - related Parliamentary Standing Committee on Home Affairs for examination and report . The Committee recommended for an in- depth examination of the Hire -purchase Act , 1972 by the Law Commission of India and for introduction of a fresh comprehensive legislation.
2. The Commission examined the matter vide its 168th Report and recommended comprehensive amendments to the Act including statutory hire -purchase charges @ 18% per annum or a lower rate as specified by the Central Government . On examination of this Report , it was felt that the mathematical formula as provided in the Act and the formula as recommended by the Commission for calculating hire -purchase charges were too mathematical for a common man to understand , and that the hire - purchase charges and rate of interest may better be left to the market conditions in the changed economic scenario, because loans are available from banks and financial institutions on borrower - friendly terms . In view ofthis , the Hire -purchase Act, 1972 has lost its relevance . Hence , it has been decided to repeal the Hire-purchase Act, 1972 .
3. The Bill seeks to achieve the above object .
H. R. BHARDWAJ .
YOGENDRA NARAIN, Secretary-General .
PUBLISHED BY THE SECRETARY - GENERAL , RAJYA SABHA UNDER RULE 68 OF THE RULES OF PROCEDURE AND CONDUCT OF BUSINESS IN THE RAJYA SABHA .
MGIPMRND-5341GI-16.06.2005 .