Taskforce recommends provision against loansharking in National Penal Code

Kathmandu: A taskforce formed to recommend ways to the government for addressing issues caused by predatory lending has submitted its report.

The report submitted to Deputy Prime Minister and Minister for Home Affairs, Rabi Lamichhane, today recommended some legal amendments and some additional provisions to address the issues of people said to be suffered by the unlawful money lending, the Home Minister’s Secretariat said.

Prior to this, the taskforce had also submitted its report and was assigned the responsibility of preparing another report suggesting legal and special provisions that the government could take to sort out the problem.

It may be noted that the government had on September 17, 2022, signed an agreement with the people who were said to be victims at the hands of loan sharks following their protests.

The latest report incorporates efforts undertaken for the implementation of the recommendations in the report presented on September 12 by the predatory lending crime control recommendation taskforce, highlighting the need for some prompt legal and procedural revisions with the formulation of some new provisions for the enforcement of the September 17 agreement.

The taskforce advises the government to add a clause against loansharking in the National Penal Act (Code) – 2017, according to taskforce coordinator Dr. Bhishma Kumar Bhusal.  It has proposed the draft of other legal provisions to discourage and combat loan sharks.

The taskforce led by joint-secretary Bhusal comprises Nepal Police Central Investigation Bureau’s senior superintendent of police Dinesh Acharya, Home Ministry’s under-secretary Shree Krishna Poudel, Kathmandu Valley Crime Investigation Office’s superintendent Krishna Prasad Koirala, and National Investigation Department deputy investigation director Mukunda Marhattha among others.