Karnataka - Belgaum   

Pawn brokers, private bankers warned

By Our Staff Correspondent

BELGAUM, JAN. 31. The Office of the Assistant Registrar of Cooperative Societies, Chikkodi, has warned licensed pawn brokers and private bankers against charging interest rates higher than what has been fixed by the Government.

In a press release issued here, the office said the Government had issued an Ordinance fixing a maximum of 14 per cent interest on secured loans and 16 per cent on non-secured loans availed by farmers and agricultural labourers. Anybody found to be charging interest more than what has been stipulated by the Government would be liable for punishment, which would include imprisonment for three years and a fine of Rs. 30,000. The court could even order the return of the property seized by the bankers to the affected loanee, the release added. People could bring any violation in this regard to the notice of the Assistant Registrar's office.

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