A woman from Kuppam in Andhra Pradesh was brutally tortured by a private moneylender who tied her to a tree for paying a loan .The Tamil Nadu government has completely banned private moneylenders. The people of the state have appealed to the Chief Minister to ban private moneylenders in Andhra Pradesh as well
Kuppam incident: Need for control over private moneylenders..
BY – RAJA PENTAPATI AP BUREAU CHIEF
.. National News
Amravati June 18 (Bharat News) AP
The Tamil Nadu government recently brought a crucial bill to control forced private debt collection. The law has been brought to impose a 5-year jail term and a fine of up to Rs. 5 lakh if private institutions or lending institutions forcefully collect debts through threats or try to seize non-loan assets.
If a borrower commits suicide due to pressure from lending institutions, there is also a provision to impose non-bailable punishment on the managers of the institution. The Tamil Nadu government has announced that the aim of this law is to protect people from the misdeeds of lending institutions and curb forced collections.
It seems that a similar law needs to be brought in Andhra Pradesh too. Daily interest business is very common in AP. They are charging more than 30 percent.
At the same time.. they are being tortured to pay off loans even if they cannot afford it. If the man ran away leaving his wife and children behind after not being able to repay a loan of Rs. 80,000, there is no need to think about the extent of their harassment. That is why.. in order to prevent the Kuppam incident from happening again.. the moneylenders should be controlled.. since it is very difficult.. at least laws should be brought against forced debt collection.
The incident of tying a woman to a tree in front of her children for not paying a loan of Rs. 80,000 has created a sensation. It happened in Kuppam, Chief Minister Chandrababu’s constituency. This is the only incident that has come out in the clutches of private moneylenders.
Many incidents are happening across the state. Many people get stuck in the mire of these loans and commit suicide. That is why there is an opinion that there should be control over private moneylenders from time to time.
Bharat News Andhra Pradesh
