Pawn-Brokers Association demands exemption from Debt Relief Act

Pawn-Brokers Association demands exemption from Debt Relief Act

August 31, 2019

Mysuru:  The Mysuru unit of Pawn-Brokers and Jewellers Association has appealed to Chief Minister B.S. Yediyurappa to grant exemption to registered Pawn Brokers from the purview of the  Karnataka Debt Relief Act.

Speaking to Star of Mysore this morning, Spokesperson of the Association Deepak Bora said that they have been paying taxes to Governments. “We are paying Income Tax to the Centre, trade licence fee, pawn-brokers licence fee, professional tax, labour licence tax and local municipality tax. We are doing legal business and we are being unfairly targeted and harassed,” he said. 

Every pawn-broker has to pay a non-interest deposit of Rs. 50,000. “Any deposit with the Government earns interest. But we do not get any interest for the deposit. Also, our families are dependent on this business. This is legal business and we will fight for our rights,” he said. 

Mentioning that the Association has already given memorandums to the Chief Minister, Cooperation Minister, Deputy Commissioner and the Assistant Commissioner, Deepak said that a petition has been filed in the Karnataka High Court by Bengaluru Pawn Brokers and Jewellers Association. 

Another office-bearer of the Association Sunil Sethia told SOM that all the pawn-brokers are registered with the same Government and are charging a fixed interest of 14 percent as prescribed by the Government. How can the Government discriminate and target us when we are doing legal business,” he questioned. 

“Money does not come easy. Even we have borrowed loans and we pay Income Tax and all other taxes to the Government. This Debt Relief Act treats us like criminals. We have been doing business since generations and no criminal case has been registered against us. Still we are being unfairly targeted,” he said and added that the Association would fight for their rights.

Similar sentiments were echoed by other pawn-brokers in city who said that big and powerful people who have crores of rupees worth benami properties and those who have cheated thousands of people by promising good returns on investment are being spared and small money-lenders who do genuine business are being targeted. 


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