Section 1 — Short title and extent.

(1) This Act may be called Usurious Loans Act, 1918.

(2) It extends to the whole of India except 2 [the territories which, immediately before the 1st November, 1956, were comprised in Part B States] [Omitted] .

(3) The State Government may, by notification in the Official Gazette, direct that it shall not apply to any area, class of persons, or class of transactions which it may specify in its notification.