Govt. decides to enact law criminalizing usury

Kathmandu, March 28: 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 with the due process to amend the Criminal (Code) Act, 2074 (2017) to declare the practice of money lending at an 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 traveled by foot for 11 days from different districts of Terai to reach the federal capital, thereby drawing the attention of the government toward 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. (RSS)