March 29: The government is preparing to introduce a law criminalizing the act of usury.
A meeting of the Council of Ministers on Tuesday decided to move ahead the due process to amend the Criminal (Code) Act, 2074 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 usury currently protesting in Kathmandu, after gathering from various districts of Tarai, 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. -- RSS