SHILLONG, MAR 11: Meghalaya is contemplating of coming up with a legislation to regulate the process of ‘lending’ and ‘borrowing’ to prevent exploitation of the weaker section. “This proposal will be examined and work out by the government,” Meghalaya chief minister Mukul Sangma told the assembly on Wednesday.
Sangma’s assurance came while replying to question raised by UDP legislator Jemino Mawthoh on the measures taken by the state government to prevent ‘loan sharks’ from taking undue advantage of the common people.
Mawthoh brought to the notice of the assembly that there are a number of loan sharks operating in the city especially in Bara Bazaar area who sometimes threatened and intimidate people belonging from weak financial background who had borrowed money from them on interest.
Mawthoh suggested the need to come up with a legislation to check practice of loan sharks by ensuring all are registered.
On this, Sangma said that the existence of loan sharks in the state has not come to the notice of the state government. He, however, informed that information is being sought from police if there has been any formal complaints lodged in this regard.
But Sangma also revealed that there are two cases reported reporter from East Khasi Hills and South Garo Hills district each. So far the existing act is being enforced, he said.- By Our Reporter
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