Chennai, June 10: With a view to putting an end to usurious money lending, the Tamil Nadu governor, P S Ramamohan Rao, today promulgated an ordinance, providing for a prison term of three years and a fine of Rs 30,000, to those who charged exhorbitant rate of interest for the loans. The ordinance comes in the wake of suicide by renowned film producer, G Venkateswaran on May 3, who had allegedly fallen a prey to such usurious money lending.
Bureau Report