Govt. decides to introduce law criminalizing exorbitant interest

Usury victims protesting at Baluwatar : Photo by Barsha Shah

Kathmandu: The meeting of the Council of Ministers Tuesday decided to introduce a law criminalizing the act of usury.

The meeting decided to move ahead the due process to amend Criminal (Code) Act, 2074 (2017) to declare the practice of money lending at exorbitant interest rate as a crime.

The cabinet meeting decided to enact the necessary legal provisions and take necessary action against the perpetrators, according to the Prime Minister’s press expert Manohari Timalsina.

The victims of private money lenders have been protesting at the federal capital to let the government hear their problems. The victims from different areas in Tarai have arrived in Kathmandu marching all the way for 11 days.

Earlier in the morning, they marched from ‘Khula Manch’ to Baluwatar and protested at Baluwatar chanting different slogans and carrying play cards.

The government in the afternoon has formed a dialogue committee so as to proceed conversation with the victims. The committee is led by Rudra Devi Sharma, Joint Secretary at the Ministry of Home Affairs. The other members include undersecretaries Dilkumar Tamang, Umakanta Adhikari and Janga Bahadur Dangal.