Nepal

A task force formed to recommend ways for the government to address issues caused by predatory lending has submitted its report. 

The report, submitted to Deputy Prime Minister and Home Minister Rabi Lamichhane on Tuesday, recommended legal modifications and other provisions to help those affected by illegal money lending, according to the Home Minister's Secretariat.

The task force, which had earlier submitted a separate report on the topic, and was assigned the responsibility of preparing another report suggesting legal and special provisions that the government could take to sort out the problem. 

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

The latest report includes efforts to implement the recommendations in the September 12 report by the predatory lending crime control recommendation task force, highlighting the need for prompt legal and procedural revisions with the addition of new provisions for the enforcement of the September 17 agreement.

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

The task force led by Joint-secretary Bhusal comprises Nepal Police Central Investigation Bureau SSP Dinesh Acharya, Home Ministry Under-secretary Shree Krishna Poudel, Kathmandu Valley Crime Investigation Office SP Krishna Prasad Koirala, and National Investigation Department Deputy Investigation Director Mukunda Marhattha.

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