Himanta Biswa Sarma targets loan sharks, declares money taken as interest will be deemed free

Chief Minister Himanta Biswa Sarma of Assam revealed a new initiative aimed at eliminating loan sharks i.e illegal money lenders from the state during a statement made on February 23.

Addressing a gathering, Assam Chief Minister Himanta Biswa Sarama said, "Now I have taken a new initiative to stop illegal interest on loan money. That's why in Assam we are fighting against illegal money lenders and soon you will hear on television that people who borrowed money from money lenders will not have to return the money, it will be free and we are working on it and will be announced soon".

He expressed confusion over the lending theory that involves taking Rs 20 to 30 in interest for every Rs 100 lent. Sarma further mentioned that money taken as interest need not be returned and will be deemed free.

Sarma was addressing the crowd during Land Patta distribution ceremony and he also emphasized on empowering the indigenous communities through land rights with Mission Basundhara 2.0. 

On February 20, in a crackdown upon illegal moneylenders across the state, Assam Police has arrested a total of 122 persons so far. 

This was announced by Chief Minister Himanta Biswa Sarma on social media today, where he stated that 122 individuals have been arrested so far by Assam Police. 

Most of these people are running illegal moneylending rackets and have been demanding high interest rates from their customers. Many people have fraced harassement from these illegal moneyleners who pay large amounts on high interest rates, and then act like loan sharks on their victims.