KATHMANDU, July 17: In the House of Representatives (HoR), the Bill Related to Loan-sharking, which had been removed from the agenda a few days ago, was reintroduced and unanimously passed on Sunday at 9:15 PM.
Earlier, due to the main opposition party CPN-UML, some Madhesh-based parties and MPs, the bill regarding loan-sharking could not move forward. After the government addressed some of the amendment proposals put forward by the parliamentarians, all parties agreed to pass the bill. The Bill, 2080 BS to amend some Nepal Acts related to the Civil Code, which originated in the National Assembly, has a provision to address the victims of loan-sharking.
In the Criminal Code 2074 BS, Section 249 (a) has been added to render acts of improper give-and-take of money a crime and to punish such acts.
Koshi Province Assembly passes finance bill
The provision includes arrangements for preparing a document when someone claims to have made a payment but has not, preparing a document for an amount greater than the actual transaction amount, adding interest to the document at the time of the transaction, preparing a new document with added interest, refusing to acknowledge the repayment of the amount owed, charging excessive interest beyond the agreed terms, making threats, violence, or exploitation for the recovery of an unlawful debt, or transferring the rights of immovable property of a debtor based on an unlawful transaction or acknowledging an unlawful transaction as valid.
There is provision that individuals who conduct transactions against the rules can face imprisonment for up to seven years and a fine of up to Rs 70,000. If a person involved in an unlawful transaction transfers the equivalent amount of the debtor's immovable property, the provision allows for the unlawful transfer of the debtor's rights to be canceled. Similarly, if the unlawful transaction is made in someone else's name, provisions are in place to rectify it.
A few months ago, the government also formed a committee to understand the problems of loan-shark victims who were protesting in Kathmandu. Prime Minister Pushpa Kamal Dahal met the usury victims and promised to bring a law to address their problems.
Ordinance 2080 BS to amend some Nepal Acts related to the Civil Code which was tabled in parliament on May 7 had to be passed by the House within 60 days. On July 5, the CPN-UML obstructed the House on the day of passing the bill related to loan-sharking. Because of this, the law regarding loan-sharking brought by the government through an ordinance became inactive.
The passed bill should be sent to the National Assembly with a message. Although the meeting of the National Assembly was called for today, it has been adjourned indefinitely. After the message that this bill has been passed by the HoR is delivered in the meeting of the National Assembly, it should be verified by the Chairman of the National Assembly and sent to the President for verification.
One of the leaders said that even if the meeting is postponed indefinitely, the National Assembly meeting should be convened and this bill should be sent to the President for verification. According to the sources, it would raise questions if the chairman of the National Assembly fails to promptly send the Bill on Loan-sharking to the President for verification.
