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AP issues GO on loan waiver
AP issues GO on loan waiver, On the eve of Independence Day, the Andhra Pradesh government on Thursday issued GO No 174 along with guidelines to waive off the agriculture loans up to Rs 1.50 lakh and DWCRA loans up to Rs 1 lakh.
- Beneficiaries list within 14 days of notification
- Govt decides to treat the whole family as unit
- All loans on same land to be treated as one
Hyderabad: On the eve of Independence Day, the Andhra Pradesh government on Thursday issued GO No 174 along with guidelines to waive off the agriculture loans up to Rs 1.50 lakh and DWCRA loans up to Rs 1 lakh. This includes crop loans and gold loans availed for agricultural purposes. According to the GO, the preparation of list of eligible borrowers will be completed within 14 days from the date of notification by the government.
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The GO said benefit of debt waiver applies to agriculture family as a unit and not individual account separately. In case two or three members of a family, whether married or unmarried, had availed loans against the same survey number, it would be treated as a single unit for the purpose of family benefit. Loans availed over and above the eligible loan limits will be restricted to the scale of finance terms in vogue.
Where a family has taken loan from more than one bank/ institution, the bank/institution which had retained the original pattadar pass book while giving loan would get the priority. If the lending was against different survey numbers for different banks, the benefit would be distributed on pro-rata basis.
However, short-term loans sanctioned for meeting working capital needs of horticulture activity, allied activities like fisheries, poultry, dairy etc; and agricultural produce (pledge) loans including loans against warehouse receipts, working capital to activities related to indirect finance like fertilisers, etc will not be eligible for waiver.
