Following the suggestions of the Central Government, Maharashtra cabinet has decided to revise the Maharashtra Money Lending (Regulation) Bill 2010, as the bill overlapped with provisions of many Union laws. The Centre had asked the State to reconsider the Bill as it covered several provisions of Central laws including the Reserve Bank of India Act, Companies Act and Banking Regulation Act.The decision was taken at a cabinet meeting chaired by Chief Minister Prithviraj Chavan on Wednesday. The revised bill provides for a penalty of Rs 50,000 and five-year imprisonment for illegal money lending activities. Even licensed moneylenders, not adhering to the statutory norms would be penalized.