Prez authenticates Bill that criminalizes usury

KATHMANDU: President Ram Chandra Paudel has authenticated the Bill to Amend Some Nepal Acts, which, among others, criminalizes usury.

The Bill, which was endorsed by the National Assembly unanimously on Thursday, was forwarded to the Office of the President for authentication.

Earlier on May 3, the government issued an ordinance to amend the criminal code by including a provision to criminalize the practice of usury. However, the ordinance expired after the parliament failed to adopt it within 60 days of the commencement of the House session.

The government later tabled a replacement bill. The House of Representatives had unanimously passed the replacement bill on July 16 and sent it to the upper house where it originated.

The government has formed an inquiry commission under former judge Gauri Bahadur Karki to hear the grievances of people victimized by the loan sharks and resolve the issue. The commission has been collecting complaints from people victimized by loan sharks. According to the commission, over 20,000 complaints related to usury have been registered with it.