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Karnataka Debt Relief Bill a boon to farmers

Debt Relief

Karnataka Debt Relief Bill a boon to farmers


BENGALURU: The Legislative Assembly handed the Karnataka Debt Relief Bill-2018 on Wednesday to ease the burden on the wallets of small farmers, landless agricultural laborers, and the economically weaker sections. This regulation assumes importance because, on average, farmer suicides are said from Karnataka each day. The bill will remain in impact for 365 days after it comes into force, following presidential assent.

Karnataka Debt Relief Bill a boon to farmers 2

This law assumes importance because, in common, cases of farmer suicides are said from Karnataka every day. National data display that Karnataka is a number of the top four states in terms of farmer suicides, and a large part of these incidents are prompted using financial issues. This grim state of affairs has been made worse through the drought conditions in more than 90 in line with a cent of the country.

The move will gain lakhs of indebted small farmers and agricultural laborers across the country, many of whom are in perennial debt, and deliver it forward 12 months on the year, capable of paying the simplest of the interest, not the predominant amount. This comfort will set them unfastened from the clutches of cash-lenders and pawnbrokers who charge excessive hobby rates and are even stated to use violence during healing. There are thousands of unlicensed money creditors throughout the nation, and the farmer’s indebtedness might be over Rs 1 lakh crore. The institutional credit amount changed inside the variety of Rs 44,000 crore.

Cooperation Minister Bandeppa Kashempur had talked about that this may advantage lakhs of indebted rural farmers. Kashmir delivered that lots of attempts had gone into the practice of the bill. The debt relief invoice changed into initiated first in 1976 and once more in 1980. When contacted by way of The New Indian Express, Kashempur stated, “Now that this bill has been handed, we are running towards putting in place a debt remedy commission like has been executed in Kerala.’’

Mattie Fowler

I am a blogger who specializes in personal finance and insurance. My writing topics range from tips and tricks on saving money to more complicated topics like the stock market and investing. I also review financial products such as bank accounts, mutual funds, and life insurance plans. You can also visit my website, moneychill.biz.