Crores of cash transaction like Hawala in Nagaland through loans every year; December-January full payment time: sources

Dimapur, January 1 (NE): Nagas have been trapped in which not less than a crore yearly are transacted through money loan with massive rate of interest upto ten-fifteen percentage (in some cases beyond that as well) though Government of Nagaland has created a law to make it illegal to save the Naga society.

All these are happening in a small state like Nagaland due to various reasons for many decades. People involved here are creating a cottage industry as the whole transactions are illegal – though they will say it is done through proper channel only. For this, the said person will say that the money is coming from a registered society or a recognized Self Help Group (SHG); sometimes through the Church, etc. One will only end up paying the interest rate as mentioned earlier – 10-15% in case its urgent.

Basically, December every year is a time for all the dues, which includes both the principle & interest to be cleared. In some cases, it will be asked on mercy ground to be cleared by the month of January anyhow. With interest rates, the Naga families are stated to be in a trauma, while some divorce among the couples are happening very commonly. Though Nagaland is said to be a Christian state, creating such example among non – Christians adds salt to the wound. Maximum both lenders and borrowers are said to be bonafide Nagas, yet there is no respite of solutions seen.

The Government of Nagaland from their side have made a law saying that such transactions are illegal; but with no concrete steps like giving awareness in the right platform has enabled the business to cherish right infront of the Government in the state.

It is also a fact that the Government must be aware of such happenings, stated a concern citizen. But, it is only poor Nagas on the receiving end, claimed another senior citizen on this issue. The other fact that came to light with NagalandExpress is maximum of those Nagas who are taking loans with huge percentage are government employees – to pay back for their daily needs among many others. This is because, majority of their salaries are not being given on time in terms of months by the Government, especially the teachers including many Departments working on CSS projects and they get no options, but to take such loans for their family including children’s education, etc.

It is true, that the Government has become deaf in such nefarious business right under their nose, commented a citizen. In such scenarios, the Government must redesign a system to come out before it is too late, observed another concerned citizen.

December and January are the targeted months for those people involved in the business, who claims to be doing through proper channel. At the most, they will claim that people comes to them with requests to be able to get loan through them.