THIMPHU, 9 April, 2021 (TON): Seventeen clauses are to be amended and inserted in the Private Money Lending Rules and Regulations 2020 (PMLRR 2020).
The proposal has been made by the Royal Monetary Authority (RMA).
In 2016, the rules were framed initially to regulate private money lending business.
These rules came into effect from 1 April, 2017.
However, according to the official website, the draft proposes to amend seven clauses and include nine new clauses, along with the rationale for the amendment also defines private money lenders, who could be registered or unregistered with RMA.
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