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Bill on debt relief passed
To prevent debt-ridden farmers from harassment by private lenders, the Telangana government on Thursday adopted the ‘Telangana State Commission for Debt Relief (small farmers, agricultural labourers and rural artisans) Act 2016’ in the Assembly.
Hyderabad: To prevent debt-ridden farmers from harassment by private lenders, the Telangana government on Thursday adopted the ‘Telangana State Commission for Debt Relief (small farmers, agricultural labourers and rural artisans) Act 2016’ in the Assembly.
Chief Minister K Chandrashekar Rao said the Act would provide succor to debt-ridden farmers who had been taking loans at high interest rates from private money lenders and falling prey to forceful money recovery methods. The commission would consist of a chairman and five members.
The function of the commission is to undertake conciliation for settlement of disputes between farmers and creditors, other than institutional creditors, on the basis of the fair rate of interest.
The bill, moved by Deputy Chief Minister and Revenue Minister Mahamood Ali, has been adopted unanimously with the support of all political parties in the House.
Congress members were not present in the Assembly as the party boycotted the session for the entire day to protest against the Chief Minister’s Power Point Presentation on irrigation.
