Paying an interest rate of 30% monthly

Dear Client,
Nobody other than a recognized and approved Bank/NBFC or Financial Institution can be involved in the trading of financial transactions or money lending business. If any person or a group of persons is involved in trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, then he/they may be booked under the Prevention of Money Laundering Act, 2002 (PMLA) which was enacted to fight against the criminal offense of legalizing the income/profits from an illegal source, once reported to the vigilance cell. The offender can face imprisonment for not less than three years, extending up to seven years. So, in the given scenario, either lodge an FIR/Complaint against the lender for such an uncalled-for demand at the local police station under Section 351 of the Bharatiya Nyaya Sanhita(BNS) for criminal intimidation or update the lender with your tentative action through a legal notice asking him/her to refrain from threatening otherwise the matter shall be reported to the Police or the concerned authorities under PMLA, 2002 to navigate the issue in the right way.

Dear Sir,
you have to lodge complaint with police and also with concerned authorities that is who are dealing with issuing of money lending license

Dear Client,

I'm sorry to hear about your situation. It sounds like you're facing a serious financial burden and harassment from the private money lender. Charging such high interest rates and giving threats is not only unethical but also likely illegal under certain regulations. Here's what you can do:

The interest rate being charged (30% monthly) is extremely high, and it likely exceeds the legal limits set by law. In India, money lending is regulated by various state laws, and lenders must be licensed to charge interest. You can check whether the lender is licensed to operate in West Bengal.
The West Bengal Money Lenders Act, 1940 regulates lending practices, including interest rates. If the lender is unlicensed or charging exorbitant interest rates, he is in violation of the law.

You can file a police complaint if the money lender is threatening you or using coercive tactics. These threats can be considered criminal harassment under Indian law.
Visit your nearest police station and provide details of the threats, any messages or calls you've received, and the high interest rates you're being forced to pay.

If the money lender is unregistered or has violated lending norms, you can file a complaint in a consumer court. Since you are being overcharged and harassed, the court could intervene to stop these practices.
You should gather evidence such as the loan details, interest payment proofs, and any messages or calls from the lender to present your case.

If you're in financial distress, you may want to consider taking a small loan from a regulated microfinance institution (MFI) to repay the private lender and get out of this high-interest loan trap. MFIs offer lower interest rates and are more flexible with repayment options.

Try to speak with the lender one last time and explain your situation, including your mother’s health issues and your financial difficulties after delivery. Offer a revised repayment plan, if you think it will work.
It may be helpful to take a mediator with you (such as a local authority or community leader) to help negotiate a settlement.
You may send a legal notice to the lender through an Advocate for negotiation.


Regards