JUDGMENT

(Prayer: Petition filed under Article 226 of the Constitution of India for issuance of a Writ of Declaration to declare Section 4 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 and the Circular dated 07.06.2022 passed by the Director General of Police as unconstitutional and to forbear the respondents from taking coercive action against the members of the petitioner Association/Financers who advance money against Negotiable Instruments Act exceeding Rs.10,000/- and/or against security.)

Munishwar Nath Bhandari, CJ.

1. The writ petition has been filed to challenge the constitutional validity of Section 4 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 (hereinafter will be referred to as 'the Act of 2003') and also the Memorandum dated 07.06.2022 issued by the Director General of Police, Tamil Nadu.

2. The learned Senior Counsel for the petitioner submits that the Memorandum dated 07.06.2022 has been issued in ignorance of the provisions of the Act of 2003 so also the Tamil Nadu Money- Lenders Act, 1957. In view of the above and as the Memorandum would have serious consequences on those involved in the trade of finance, the writ p