TODAY -

Menace of Money Lending business in Nagaland

Kohima, 14th September 2019



The mushrooming of Private Money Lenders and Loan Sharks in Nagaland is a cause for serious concern as many people are caught in a ‘debt trap’ leading to loss of properties and disruption of family life including divorces that is tearing our social fabric, apart from economic ruin.

The ignorance on the part of borrowers has also contributed to this vicious cycle of debt trap being laid out by unscrupulous money lenders.

The Nagaland Money Lenders Act, 2005 Section 24 stipulates that those engaged in money lending business without a license shall be punishable with imprisonment for a term which may extend to six months or with a fine which may extend to Rs. 2500/- or with both.

Moreover, as per the relevant sub section of Section 7, no money lender can charge interest at a rate exceeding more than 3 (three) percent above the prevailing average bank rates of interests on loans and rate of interest shall be per annum simple interest on the principal amount of the loan.

In the prevailing scenario, it is learnt that the rate of interest charged by some money lenders are as high as 120% per annum which is also compounded. Under Section 16(1) (b), any money lender whether licensed or not who receives interest higher than the rate prescribed under Section 7 or at the rate higher than the rate shown in the accounts shall be punishable with imprisonment for a term which may exceed to one year or with a fine which may extend to five thousand rupees or with both.

The Act also guarantees that any aggrieved person can file a money suit in respect of any offence like excess charge of interest, no proper maintenance of records, failure to keep full and detailed description of each of the articles taken in pawn by the pawn broker.

In case of criminal offence arising out of this act like threat, intimidation, assault, abduction, kidnap, forceful seizing of movable/immovable property etc., a criminal complaint can be lodged under Section 20 of the said Act before the competent court of Judicial Magistrate.

NPCC therefore demands that the state government strictly enforce the Nagaland Money Lenders Act, 2005 and rein in those Money Lenders/Loan Sharks, many of whom do not even possess the license to carry out money lending business while charging exorbitant interest rates as high as 120% per annum making a mockery of the said Act.

The borrowers many of whom are victims out of ignorance must also come forward to file criminal complaint against the unscrupulous money lenders or else their silence will only invite more misery heaped upon by money lenders.


Issued by: - Communications Department, NPCC


* This Press Release was sent to e-pao.net by NPCC Media Cell who can be contacted at chairman_npccmediacell(AT)yahoo(DOT)com
This Press Release was posted on September 15 2019

* Comments posted by users in this discussion thread and other parts of this site are opinions of the individuals posting them (whose user ID is displayed alongside) and not the views of e-pao.net. We strongly recommend that users exercise responsibility, sensitivity and caution over language while writing your opinions which will be seen and read by other users. Please read a complete Guideline on using comments on this website.




LATEST IN E-PAO.NET
  • Mera Houchongba @Kangla #2: Gallery
  • An Appeal to NNPGs and NSCN (IM)
  • Inclusion of Manipur Nagas are irrelevant
  • Cry of a Dying River - 97 :: Poem
  • An Act of Remembrance & Political Debate
  • Corps that abuse human rights are threat
  • Oils to make winter skin glow
  • Gorkha Youth Summit
  • Ghost of 1994 continues to haunt MPSC
  • Significance of Oct 18 in Manipur history
  • Akhunba Takhellei #1 :: eRang
  • Ngamhao, Dimrei, Lansinganglu : eMing
  • A Lesson from a Long Peace Talk
  • Nobel Economics Prize 2019
  • World Blind Walk at ADBU
  • Dismay over relentless journo-murders
  • Trashing a pact with Govt
  • Of Women : today & tomorrow
  • NSCN (I-M) on choice before Nagas
  • Chayom Thupki (Meetei Philosophy) #12
  • Shirui Lily Fest - Inauguration : Gallery
  • 'Unethical act of few Orgs of a community'
  • In defence of ancestral land and freedom
  • Not just twin but triple demands of NSCN-IM
  • Govt College Teachers' Assn : GBM
  • The Killing Fields 2013-19 : News Timeline
  • 'Constitution can be pursued post solution'
  • Pressing need for sanity to prevail
  • Forgotten pledge - a reminder
  • 123rd Lamyanba Irabot #3 : Gallery
  • May all the roads lead to Ukhrul ..
  • AMAND Cultural @Pune #2 : Gallery
  • Naga Flag & Constitution is our Identity
  • Global Handwashing Day
  • Gwangju Prize for Human Rights: Nominate
  • German program for women entrepreneurs
  • Raising the integration bogey, again
  • October 15 and the GoI
  • NTC calls for solution within scheduled time
  • Naga peace talks deadlocked
  • Pot Lannaba : Houchongba #1: Gallery
  • IM & Govt against freedom fighters
  • Wijaidin Pamai @Intl Fashion Week Goa
  • SheChef Season 2, Shirui Lily Festival 2019
  • Crazy for the hole :: Poem
  • Intl Classical Manipuri Dance Festival
  • Putting a check on single use plastic
  • Harvesting the green gold
  • Mera Houchongba @Kangla #1: Gallery
  • Mera Houchongba festival
  • Intl Day for Disaster Risk Reduction
  • Understanding JAM for bright career
  • For you, I gave up everything : Poem
  • Paranoia of Beauty: A Corporate Brainwash
  • Naga Peace Process :: News Timeline
  • Opening NE to outside world: Challenges ..
  • Contested Identity Along Myanmar Border
  • NNPGs mandated for solution: Isak
  • Wont walk path of capitulated peace: IM
  • 3-month deadline ..unacceptable: Hoho
  • Manipur Street in Manchester & Shirui Lily
  • A glimpse of Shirui Flower : Gallery
  • World within a World
  • Face of RaDiant Group
  • For the Common People :: Poem
  • Heart Camp at Senapati District Hospital
  • NDPP is 'verba non facta' : NPF
  • Swindling of Public Money
  • Bor khoiramba @Hiyangthang #2 : Gallery
  • World Tourism Day @Noney #3 : Gallery
  • World Mental Health Awareness Week 2019
  • Manipur lost legacy- Merger Agreement #2
  • My aquamarine :: Poem
  • Rice for beauty
  • Stand off over flag and constitution
  • Suicide - Western docs, Psychologists...
  • Naga wont accept alien doc. as constitution
  • Manipuri Calendar 2020 :: Download
  • AMAND Cultural @Pune #1 : Gallery
  • Inner Line Permit (ILP) Demand : Timeline
  • NE Message of Cleaninness at Delhi
  • Research Support Officer @ Amethyst
  • 8th AGM/Annual Cultural of AMAND, Pune
  • Peace & conflicts studies as a career
  • College student leaders learn leadership
  • Reaffirming stand of 2016 unity
  • Mr. Chief Minister, clean the dirt...
  • Nongdol Leima @ JNMDA #2 : Gallery
  • Haloi Taret: Dangerous Beauty....
  • Difficult days ahead for Muivah
  • Manipur from Independence to Merger #3
  • World Mental Health Day, 2019
  • Traditional DJ
  • Cry of a Dying River - 96 :: Poem
  • ..district to State level : Shirui Lily Festival
  • Something is still not right
  • Chothe Achui Lin festival #2
  • Heritage Park @Sangai Fest #3: Gallery
  • Are we being bullied with same fake news?
  • Hard facts about the betrail
  • World Animal Day 2019
  • Academic Entrepreneurship at MU #2
  • Nagas of Nagaland : Drawing the divide
  • ... Manipur needs strategic change
  • World Tourism Day @Noney #2 : Gallery
  • ST status is to save indigenous community
  • Sangai festival and tourism multiplier
  • Governance, Gender & Environment :: Book
  • Now Your Hair :: Poem
  • Neiphiu Rio's myopic belief on ILP : NPF
  • Probe into maladministration of hospital
  • Taking high moral stand: Begone moral cop
  • Bor khoiramba @Hiyangthang #1 : Gallery
  • Manipur lost legacy- Merger Agreement #1
  • Sikkim Dance @Sangai Fest: Gallery
  • World Habitat Day: A celebration for home
  • For Your Eyes Only :: Poem
  • No School bag day in Manipur
  • Making ban on single use plastic effective
  • New CAB clause to protect NE : HM
  • NNPGs ready to conclude talks: Kitovi
  • 123rd Lamyanba Irabot #2 : Gallery
  • Ngangom Chaoba : Natyabhusan
  • Ganja economics, Jai Bholenath !
  • Soul Sister :: Poem
  • Leap of faith on wings of Prayer
  • Counselling: Children in Conflict with Law
  • Caution for the cocksure
  • CAB Protest @Khwairamband : Gallery
  • Manipuri Women & Crime Against them
  • Toward exploring a better future for youth
  • I happily cry :: Poem
  • NE Students' Culturals at Pondicherry
  • Beauty benefits of banana
  • Heart Camp at District Hospital, Chandel
  • Contained but final word yet to be said
  • Smart idea, bumbling idealists
  • Chingda Satpi Engellei #2 :: eRang
  • Facts & Opinions: Integration of Naga Area
  • Licypriya : Earth Day Network 'Rising Star'
  • Cry of a Dying River - 95 :: Poem
  • Khangminashi - V at Ibotonsana Hr Sec
  • Academic Entrepreneurship at MU #1
  • Vote BJP but protest: CAB Indecisive stand
  • Significance of Manipuri proverbs
  • Hathei Phanit (Chilli) #2: Gallery
  • Naga insurgency & peace condition #2
  • World River Day, 2019
  • Half Brother :: Poem
  • Youth Essay Contest: May 18 Memorial
  • Michelle Salam : Top Ten Cake Masters
  • Internal tussle within the Government
  • The humility of MK Gandhi & Manipur
  • Bhagyachandra Death Anniv @WB : Gallery
  • Why dont Manipur forget Merger Agreement
  • Let us celebrate Non Violence Day
  • Looking Forward to a Sexy Evening : Poem
  • Observance of Senior Citizen's Day
  • Turmeric in beauty care
  • Artists for NH7 Weekender, Meghalaya
  • Parking madness at commercial centres
  • Demise of a dream
  • 123rd Lamyanba Irabot #1 : Gallery
  • International Day Of Older Persons, 1 Oct
  • Licypriya : India Peace Prize : Gallery
  • Irabot the poet of the working class
  • October Calendar for Year 2019 : Tools
  • Licypriya Kangujam : India Peace Prize 2019
  • ST status demand for Meiteis widening rift
  • Certificate Course on Neuropsychology
  • Lining up stand against CAB
  • Remembering Lamyanba & his politics
  • Irabot Day & the practice of volunteerism
  • Lamyanba Hijam Irawat :: Read articles
  • Around India in 60 days
  • Nungleiband Massacre: Diary of Editor
  • Judo: Rishikanta, Roshibina, Kalpana
  • Heart of an empowering woman : Poem
  • Imphal Peace Museum: Best Design Award
  • Engaging with the young minds
  • Lai Khutsangbi & female power
  • Naga liberty or forced disintegration..
  • Irabot's letter to Assembly: 18 Oct 1948
  • Monika Ingudam: Natl Youth Icon Award
  • Heart Camp at District Hospital, Ukhrul
  • Swacchata Hi Seva at Lakoipat
  • Let 'tree' that was cut, be the last
  • World Tourism Day @Noney #1 : Gallery
  • Where All The Flowers Gone? #2: Gallery
  • The resurgence of Hijam Irabot
  • Naga insurgency & peace condition #1
  • World Heart Day 2019
  • Judo: L Sushila; M Bidyashori, T Inunganbi
  • Counselling: Children in Conflict with Law
  • Looking to increase revenue collection
  • Adapting with the changing time
  • Inamma - Film Scenes #1 :: eRang
  • Heritage Park @Sangai Fest #2: Gallery
  • Cry of a Dying River - 94 :: Poem
  • Reject false solutions to climate crisis
  • Career in Mass Communication
  • Ideals of Lamyanba Irawat
  • Laurels for Th Brinda, Ng Touthang
  • Performances to watch at NH7 Weekender
  • Protest in NE against CAB starting Oct 3
  • Bamboo bus shelter model developed
  • Noney to host World Tourism Day
  • Drought and the drainage issues
  • Marangwon @Kangkhui Khullen: Gallery
  • The flavor of Utsav Tarpon
  • Urgent Need to Reconsider Naga History
  • A woman :: Poem
  • Human Papilloma Virus & women's health
  • Meeting the Enemy at Nathu La
  • 'Outburst' of Thuingaleng Muivah
  • Concerns for media persons
  • Ibudhou Thangjing Haraoba #5 : Gallery
  • Licypriya Climate March @Angola :Gallery
  • Featured Front Page Photo 2019 #4: Gallery
  • Licypriya Climate March at Luanda :: Report
  • Kartal Cholom @ Sangai Fest : Gallery
  • Lady E-Rickshaw driver inspires women..
  • Culture Students Foundation Day : Gallery
  • Eyek Tamba :: Learn Manipuri script
  • Book published on Irabot Day: Download
  • Where All The Flowers Gone? #1: Gallery
  • BCIM Corridor & China New Transportation
  • Alzheimer's Awareness Month
  • Cry of a Dying River - 93 :: Poem
  • Rally & Youth's Voice on Climate Change
  • Guwahati to Bangkok : Direct Flight
  • Stringent traffic rules in place
  • Time for immediate solution to climate crisis
  • Traditional Dress of Hmar : Gallery
  • Licypriya @UNESCO Forum, Angola: Gallery
  • 46th AMWJU Foundation Day : Gallery
  • Heikru Hidongba #2 : Gallery
  • 48th Foundation Day of RIMS : Gallery
  • Chaklam Khongchat Numit #4: Gallery
  • Mukna - indigenous game : Gallery
  • Babysana's last rites performed: Gallery
  • Tolloi, Ukhrul :: 360 Panorama View
  • SPONSORED ADS