In implementing its first budget since the 2014 general
elections, Parliament passed the Finance Act 2015 which amends
various statutes, including:
- the Banking Act 2004;
- the Bank of Mauritius Act 2004;
- the Borrowers Protection Act 2007;
and
- the Income Tax Act 1995.
Banking Act 2004
Exemptions from moneylender licence
Up until December 2013, the activity of moneylending in
Mauritius by entities not specifically licensed as Mauritian banks
under the Banking Act 2004 (BA) was governed by the Moneylenders
Act 1960 (MLA). The MLA was repealed on 21 December 2013 and
certain licensing requirements for moneylenders were moved under
the BA.
Under the MLA, foreign lenders were expressly exempted from the
licensing requirements but these provisions were not transposed
with the same clarity in the BA.
