Loan Shark Victims Call off Protest, Sign Agreement With Government

The protest of the loan shark victims has been called off. The movement came to a halt today after victims of meter interest and the government reached a nine-point agreement.

The “March for Justice,” which began nine days ago from Tritiyagachi in Janakpur, had reached Nijgadh in Bara.

Two days ago, an agreement was reached with Home Minister Sudhan Gurung and victim representatives to form a negotiation team in Kathmandu.

Following that agreement, the victims’ delegation arrived in Kathmandu yesterday and held intensive talks with the government team led by Pushkar Sapkota, Secretary at the Office of the Prime Minister and Council of Ministers.

The discussions resulted in today’s consensus. The agreement was signed by Secretary Sapkota on behalf of the government and Awadhesh Kushwaha on behalf of the victims.

According to the agreement, the government will classify meter interest lending as an economic crime and declare its complete eradication in the upcoming cabinet meeting.

This will automatically invalidate and annul all fake promissory notes, collateral papers, forced passes, and compulsory checks.

The Ministry of Home Affairs will draft a special bill within three months to establish a law controlling meter interest lending.

The law will include provisions for a separate tribunal to hear cases, guarantee the return of victims’ property, and ensure fair compensation.

Furthermore, ward offices will require proof of legal income sources and bank transaction records when certifying financial dealings.

Strict action will be taken against those investing illicit or corrupt funds into meter interest lending.

The new law will criminalize practices such as inflating loan documents, adding interest to principal, denying receipts to borrowers, charging excessive interest, issuing threats, subjecting victims to physical or mental abuse, forcing signatures on blank checks or papers, and seizing property.

Investigations into meter lenders will involve forensic testing of documents, tracing the source of assets, and inquiries under money laundering and criminal procedure laws. Legal obstacles in ongoing court cases will be removed to ensure justice for victims.

A high-level coordination committee, chaired by the Secretary of the Prime Minister’s Office, will be established at the central level, along with a dedicated desk to address complaints.

At the district level, facilitation committees led by Assistant Chief District Officers (including three victim representatives) will resolve all complaints within six months, monitored by committees led by Chief District Officers.

Additionally, to prevent victims from falling back into the cycle of meter interest lending, the government has agreed to introduce financial assistance and relief packages in the annual budget. With this assurance, victims have suspended all protest programs.