Limitation of time for proceedings in respect of money lent by moneylenders

(1) Notwithstanding anything contained in the Limitation Act, no proceedings shall lie for the recovery by a moneylender of any money lent by him after the commencement of this Act or of any interest in respect thereof, or for the enforcement of any agreement made or security taken after the commencement of this Act in respect of any loan made by him, unless the proceedings are commenced before the expiration of twelve months from the date on which the cause of action accrued. (2) In every other respect, the Limitation Act, shall apply to all transactions and dealings falling within the provisions of this Act.