Nod for bill on easing licence norms for pawnbrokers

Nod for bill on easing licence norms for pawnbrokers

The Legislative Council on Wednesday approved an amendment bill that seeks to simplify the licensing process for pawnbroking despite members cutting across party lines opposing it vehemently.

Cooperation Minister H S Mahadev Prasad, who piloted the Karnataka Pawn Brokers (Amendment) Bill, 2016, said amendments were proposed to revise the minimum value for auction of pledged pawn. Currently, any pawned article of minimum value of Rs 10 has to be auctioned. The minimum limit will be increased to Rs 2,000, he added.

Both the ruling and Opposition parties opposed the bill and demanded that the government tighten the rules governing pawnbrokers in the interest of the poor. 

Repeal the lawThe BJP and the JD(S) members demanded that the government  repeal the law and abolish pawn broking business. “Pawnbrokers are fleecing the poor. Instead of simplifying rules and facilitating their business, the government should rein in on them,” V Somanna of the BJP said. H M Revanna and V S Ugrappa of the ruling party members also opposed the bill. 

The minister, however, said the government will look into the demand for repealing the Act in future and urged the members to approve the bill. Opposition members staged a walkout as the bill was passed. 

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