Dhaka: The High Court (HC) today issued a rule asking authorities concerned to explain why they shall not stop non-institutional or informal financing businesses like “Sud or Dadon” at the individual level and declare these illegal. A High Court division bench of Justice Md Ashraful Kamal and Justice Kazi Waliul Islam passed the order after hearing a writ petition filed by Sochindra Nath Shil from Sonadanga, Khulna.
According to Bangladesh Sangbad Sangstha, the High Court bench asked officials concerned, including the finance secretary and home secretary, to reply to the rule within the next four weeks. Furthermore, the court directed the chairman of the Microcredit Regulatory Authority to dispose of the petition within the next two months.
Advocate Forhad Uddin Ahmed Bhuiyan moved the plea before the court, emphasizing the need for a legal framework to address the issue of informal financing businesses operating at the individual level. The petition highlights the potential risks and challenges posed by such unregulated financial activities, urging the authorities to take immediate action to safeguard the interests of the public.