Understanding Tamasuk in Nepal: Types and Legal Aspects of Transactions
Tamasuk plays a crucial role in Nepal’s financial transactions, ensuring mutual trust and legal backing for both formal and informal lending practices. The document ensures security for money borrowed, as defined under sections 474 to 492 of the Muluki Civil Code 2074. Tamasuk types such as Kapali Tamasuk, Dristi Bandhak Tamasuk, Bhog Bandhak Tamasuk, and Lakhabandhak Tamasuk each come with specific features that provide clear terms for lending and repayment, including collateral and interest rates. This system emphasizes the importance of a documented agreement to avoid disputes and ensure fairness in borrowing and lending agreements.