Usury Victims
Victims of Loan Sharking Protest in Kathmandu
Kathmandu, July 31 – Victims of loan sharking, popularly known as “Meter-Byaj”, held a protest and vigil at Shantibatika and Maitighar in Kathmandu, urging the government to address their financial grievances.
Usury has become a significant social problem in Nepal, with loan sharks offering high-interest loans to poor individuals and increasing the interest rates abusively over time.
Recently, the House of Representatives and the National Assembly of Nepal passed a bill, which was authenticated by the President and became law, providing penalties for those involved in loan sharking activities across the country.
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Nepal’s House of Representatives and National Assembly (both Houses) have recently passed a Bill and the President has authenticated the Bill into law which has the provision of punishing those who are engaged in usury business across the country.
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