Punjab government approves debt comfort plan for farm labourers

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Chandigarh, Mar 2 () The Punjab cupboard Saturday gave in-precept approval to debt waiver plan for farm laborers and landless farming contributors, a pass with a purpose to offer mortgage relief to two.85 lakh people comprising 70 in step with cent Dalits. The selection, in advance of the Lok Sabha polls, was taken by way of the council of ministers led using the Chief Minister Amarinder Singh here. The scheme will gain the farm laborers and landless farmers of Primary Cooperative Agriculture Service Societies (PACS) to the song of Rs 520.55 crore, as in keeping with strong launch. The waiver consists of the first quantity of Rs 388.55 crore, Rs 78 crore as interest till March 31, 2017, except Rs fifty-four crore attributable to the hobby with effect from April 1, 2017, to March 31, 2019, as celebrated on March 31, 2019. In the state finances closing month, the finance minister Manpreet Singh Badal had asserted waiving loans of landless farm laborers, even as earmarking Rs three,000 crores of allocation for the farm debt waiver scheme. The nation authorities became already going for walks a debt waiver scheme for small and marginal farmers. Beneficiaries will be individual farm laborers and landless farming participants of PACS.

 

Members of only the ones PACS would be eligible for debt alleviation who’ve been availing advancement from District Central Cooperative Banks (DCCBs). The amount available for debt comfort will include the terrific predominant amount as much as a limit of Rs 25,000 as on March 31, 2017, and simple hobby at the rate of 7 in line with a cent in step with annum, as according to the discharge. The debt alleviation will no longer be available to those members who’re both personnel, pensioners of government, semi authorities, public area assignment of any state, crucial government and or income tax payee. If an individual has a couple of accounts, the relaxation might be given for one account most effective, which has better fantastic quantity difficulty to the most of Rs 25,000 as predominant. The debts of the beneficiaries can be Aadhar-seeded to avoid duplication. The circulate comes as an extension of the Debt Relief Scheme of October 2017 for small and marginal farmers with loans as much as Rs 2 lakh.

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