July 27: Entrepreneurs have drawn the attention of concerned authorities regarding the high rate of interest charged by banks. They have claimed that the high interest rate has had a negative impact on their business. According to the businessmen, they have been hard hit as the rate of interest has increased from 7 percent to 17 percent.

A delegation of Nepal Chamber of Commerce met separately with Revenue Secretary Sishir Kumar Dhungana and Commerce Secretary Naindra Prasad Upadhyay at Singha Durbar and apprised them of the problem.

During the meeting, NCC Chairman Rajesh Kaji Shrestha also told the top government officials that the draft of amendment to the Consumer Protection Act, if approved, would negatively impact the country’s business. The act has a provision of up to 10 years jail term or Rs 1 million fine or both penalties for anyone cheating the consumers.

Secretary duo Dhungana and Upadhyay told the NCC delegation that the government is ever ready to work in coordination with the business community.