Govt decides to enact law criminalizing usury
The meeting of the Council of Ministers held Tuesday decided to move ahead the due process to amend Criminal (Code) Act, 2074 (2017) to declare the practice of money lending at unreasonably high interest rate as a crime.
KATHMANDU: The government is going to introduce a law criminalizing the act of usury.
The meeting of the Council of Ministers held Tuesday decided to move ahead the due process to amend Criminal (Code) Act, 2074 (2017) to declare the practice of money lending at unreasonably high interest rate as a crime.
The cabinet meeting decided to enact the necessary legal provisions and thereby take necessary action against the perpetrators, said the Prime Minister’s press expert Manohari Timalsina.
The decision of the government is meant to address the demands of the victims of the act of usury currently protesting in Kathmandu, after gathering from various districts of Terai, for justice.
The people reportedly victimized by the illegal act travelled by foot for 11 days from different districts of Tarai to reach the federal capital, and thereby draw the attention of the government towards their plight.
Meanwhile, the government has formed a team led by Joint Secretary at the Ministry of Home Affairs Rudra Devi Sharma to address their problems.
