Exempt interest from loanees during lockdown: IPAK

The Idigenous People’s Association of Kangleipak has warned micro finances and money lenders not to collect interest from loanees from March till the month of August in view of the present situation of COVID-19 in Manipur.

The Idigenous People’s Association of Kangleipak (IPAK) has appealed to money lenders and micro finances to exempt interest from the people during the lockdown period as every section of the society, especially the poorer sections are experiencing hardships.

The IPAK has warned micro finances and money lenders not to collect interest from loanees from March till the month of August in view of the present situation of COVID-19 in the state.

A release issued by IPAK publicity secretary RK Pritam cautioned private companies who registered for Employees Provident Fund (EPF) to not deduct the EPF for their employees from March till May.

The IPAK stated that the Labour and Employment Ministry on March 26 had declared that it will pay the EPF of the employees for the three months under the Pradhan Mantri Garib Kalyan Yojana wherein Rs 1.70 lakh crores relief package has already been announced.

Any company which has deducted the said EPF from their employees’ salaries should be reimbursed, it said.

Alleging that there has been a report about employees of Bandhan Bank Ltd collecting interest from the public, especially in Bishnupur district, the release appealed to the bank to immediately stop collecting interest.

The IPAK further appealed to the people collecting interest by holding pensioners’ books and bank passbooks of other people to reduce the amount of the interest from April till August 2020.

It also appealed to the public to follow proper COVID-19 preventive measures as notified by the government so that the situation in the state becomes normal again.

First Published:June 5, 2020, 9:49 a.m.