Dhaka, Mar 11 (V7N) – The High Court has issued a rule questioning the legality of conducting interest-based loan businesses at the individual level outside banks and financial institutions. The court has asked the concerned parties to explain why such practices should not be declared illegal and unlawful.

The rule was issued on Tuesday by a High Court bench comprising Justice Md. Ashraful Kamal and Justice Kazi Waliul Islam.

In its directive, the court ordered the Chairman of the Microcredit Regulatory Authority to resolve a petition seeking to halt private money lending businesses within the next two months.

Supreme Court lawyer Farhad Uddin Ahmed Bhuiyan represented the petitioner during the hearing.

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