Term of loan shark panel expires

By A Staff Reporter,Kathmandu, Dec. 12: A report of the Commission on Unfair Transactions (Loan-shark) led by Gauri Bahadur Karki has finalised the report. 

As the term of the Commission expired on Monday (December 11), the Commission is ready to hand over the report to the government.

According to Karki, the Chairman of the Commission, the report has found that eight districts of Madhes Province and Nawalparasi West have become the hub for loan sharks as the largest number of complaints were received from Madhes Province and Nawalparasi West.

The government had formed the Commission on Unfair Transactions on April 3, 2023, and the Commission had to submit the report by July 2023. However, its term was extended till December 11, 2023, by the Cabinet’s decisions. 

During the period of the Commission, it had resolved 5,200 complaints out of 28,000 total complaints received at its head office stationed in Janakapurdham. 

These 5,200 complaints were resolved through mutual understanding and some by returning the amount of debtors.  

Of the total registered complaints, 3,353, complaints were registered in Bara district alone.

“During our tenure, Madhes Province and Nawalparasi West were found as the hub for such unfair transactions and thousands of locals who took loans from such loan sharks were exploited till the government decided to intervene “ said Chairman Karki, who is also the former chairman of the Special Court, Kathmandu.  

The commission has recommended that the remaining 22,800 complaints needed to be resolved by the respective District Administration Office.

Similarly, the commission has asked the government to effectively implement the already executed system of free visas and free tickets, as most of the victims had taken loans in very high interest to fly abroad as migrant workers. 

To end the situation where the poor locals have to hand over all their assets to loan sharks when they are in dire need of medical treatment, the Commission has suggested providing health insurance to the marginalised people. 

Chairman Karki said, “The term of the Commission has expired from Monday. We have asked for the time of Deputy Prime Minister and Minister for Home Affairs, Narayan Kaji Shrestha so that we can hand over the report. DPM Shrestha is currently under treatment, and we are ready to submit the report.”

A victim help desk had been set up in 77 District Administration Offices to file their complaints. The application form was filled out by the employees themselves for free.

Former Additional Inspector General of Nepal Police Uttam Subedi and former Deputy Attorney General Ganesh Babu Aryal were the two members of the Commission.