The state cabinet has taken a path breaking decision by approving Arunachal Pradesh Money Lending (Regulation) Bill, 2018 which will reportedly be tabled in the ensuing budget session starting on March 9 next. The bill is expected to regulate the money lending system presently prevalent in the state. The decision of state cabinet to approve this bill deserves appreciation in true sense. The unregulated private money lending business is currently flourishing in the state.
These private lenders charge exorbitant interest from the borrowers. On several occasions the borrower are not able to clear loan due to exceedingly high interest rate. Left with no choice the people are forced to even sell their own home to clear the debt. This severely affects the life of thousands of families. There have been instances when husband and wife ended marriage due to trouble arising out of taking loan from private lenders. Therefore the decision to adopt Arunachal Pradesh Money Lending (Regulation) Bill, 2018 is a step in right direction. However, the state government should ensure that bill is passed in the coming budget session so that it becomes act at the earliest. The early implementation of money regulation act will help the vulnerable section of society who faces the wrath of greedy money lenders.