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Punjab waives Rs 590 crore farm debt loans for labourers and landless farming community

Punjab chief minister Amarinder Singh has introduced waiver of Rs 590 crore price of loans below the farm debt waiver scheme for labourers and the landless farming neighborhood, an official assertion stated on Wednesday.

This may pave the best way for the fulfilment of one other key promise of his authorities.

The cheques could be issued at a state-level perform on August 20.

The federal government will repay loans to the tune of Rs 590 crore of 285,325 members of the Primary Agricultural Cooperative Societies (PACS), thus making certain a reduction of Rs 20,000 per member, stated the assertion quoting the chief minister.

He directed the Finance and Cooperation Departments to kick off the method for efficient implementation of the choice on the bottom.

The state authorities has formulated a Debt Reduction Scheme for farm labourers and landless farming members of PACS, which can cowl solely consumption mortgage to the members superior by district central cooperative banks of Punjab by way of main agricultural cooperative societies.

The chief minister’s bulletins observe the waiver of the loans of farmers below the chief minister’s flagship ‘Debt Waiver Scheme.’

Thus far, loans of Rs 4,624 crore have been waived of 5.64 lakh farmers below the scheme, which was introduced as a part of the 2017 ballot guarantees by the Punjab Congress.

As well as, loans of the Scheduled Caste and Backward Class classes have been written off as much as Rs 50,000 every, together with waiver as much as Rs 58.39 crore of 6,405 beneficiaries by the Scheduled Caste Corporation and Rs 20.71 crore of 1,225 beneficiaries by the Backward Class Company.

https://economictimes.indiatimes.com/information/financial system/agriculture/punjab-waives-rs-590-crore-farm-debt-loans-for-labourers-and-landless-farming-community/articleshow/84408200.cms

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