Chief Minister Edappadi K. Palaniswami on Wednesday appealed to people who are harassed by usurers to approach district collectors and superintendents of police without any fear and get relief.
In a statement, he noted that the borrowers can use relevant legal provisions to safeguard themselves.
“I have directed the district collectors and superintendents of police to act swiftly on the complaints received under the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003, enacted by former Chief Minister Jayalalithaa,” Mr. Palaniswami said.
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“People get loans from private individuals to meet their requirements, but lenders, availing this opportunity, tend to illegally extract exorbitant interest from the debtors,” he noted.
The Chief Minister said that the Act provides for action against those charging exorbitant interest and borrowers can settle their dues through court and resolve the issue. He also noted that if the borrowers’ movable and immovable assets have been seized illegally by the usurers that can also be retrieved under the Act.
“The government will take all efforts to safeguard the people from the usurers,” he assured.
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