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Up To 10-Yr Jail For Violation Of Microfinance Law
The New Indian Express Bengaluru
|February 04, 2025
Revised Draft Sent To Governor For Nod; Imprisonment Up From 3 Years, Fine Could Be Up To ₹5 Lakh
The revised draft of the Karnataka Micro Finance (Prevention of Coercive Actions) Ordinance, 2025, sent for Governor Thaawarchand Gehlot's approval on Monday, includes longer punishment for violation of the law. It has been increased from three years to a maximum of 10 years.
The expert committee headed by Law and Parliamentary Affairs Minister HK Patil decided to increase it, and it is expected that the governor will give his approval for the ordinance on Tuesday, official sources informed TNIE.
The Siddaramaiah cabinet had decided to promulgate an ordinance to protect and provide relief to economically vulnerable groups and individuals, especially farmers, women and women's self-help groups, from undue hardship of usurious interest rates and coercive means of recovery by Micro Finance Institutions, money lending agencies or organisations operating in the state.
The highlights of the stringent law are:
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