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Punjab Govt waives farm debt loans of  ₹ 590cr for laborers and landless farmers

"Punjab Govt waives farm debt loans"

According to an official statement released on Wednesday, Punjab Chief Minister Amarinder Singh has announced the waiver of ₹ 590 crore in loans under the farm debt waiver scheme for laborers and the landless farming community.

This would pave the way for the fulfilment of another key promise made by his administration. The checks would be distributed at a state-level event on August 20.

According to a statement quoting by Chief Minister. The government will repay loans totaling ₹ 590 crore to 285,325 members of the Primary Agricultural Cooperative Societies (PACS), resulting in a ₹ 20,000 relief per member.

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He directed the Finance and Cooperation Departments to begin the process of putting the decision into action on the ground.

The state government has devised a Debt Relief Scheme for farm laborers and landless farming members of PACS, which will cover only consumption loans advanced by district central cooperative banks of Punjab via primary agricultural cooperative societies.

The announcements made by the Chief Minister come on the heels of the Chief Minister’s flagship ‘Debt Waiver Scheme,’ which waived farmer loans.

As of now, ₹ 5.64 lakh farmers’ loans totaling ₹ 4,624 crore have been waived under the scheme, which was announced as part of the Punjab Congress’s 2017 election promises.

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Furthermore, loans of the Scheduled Caste and Backward Class categories have been written off up to ₹ 50,000 each, with the Scheduled Caste Corporation waiving up to ₹ 58.39 crore of 6,405 beneficiaries and the Backward Class Corporation waiving up to ₹ 20.71 crore of 1,225 beneficiaries.