BANGALORE: The government has given good news to millions of poor families in the country on Varamahalakshmi festival day.The cabinet meeting held at the chairmanship of CM HD Kumaraswamy has decided to implement the Historical ‘Debt Relief Act 2018’ to impose private Loans. This decision has been disrupted by private lenders, pawners and meter borrowers.

The meeting was convened by CM HD Kumaraswamy and DCM Dr G Parameshwar at a joint press conference after the meeting convened by the Cabinet to issue a relief to private debt from landless agricultural workers, small farmers and weaker sections.

“In 1976, Dewar Raju has taken a bold decision to free the families of the weaker sections from private debt in the model of Debt Relief Act. This decision has been made to free the lives of private lenders, kaisalas and meterbuddy residents who escape the trap. The ordinance will be sent to the President’s approval and the law will be implemented as agreed, “he said.

“The case may not be considered in any court unless there is any agreement or decree regarding the private loan. The law is permitted to penalize a single year jail and fine up to Rs 1.25 lakh for violating this law. The lender will be required to submit the loan details in front of the Assistant Commissioner for the relevant coverage. The government does not have to repay the loan amount. However, the law does not apply to micro finance companies registered under the Reserve Bank of India Act, “the CM clarified.

Highlights of the Order  

Allow the property 
to be released if 
hedge and real estate are mortgaged to the loan * No court dispute can be considered for a redemption loan.

Who is a small farmer? 

More than 4 hectares of drylands, more than 3 acres of rain based agricultural land, should not have more than one acre of irrigation land.

* Annual income from this land is Rs 1.25 lakh Do not exceed.

* No other source of income other than agricultural origin.

The weakest class is:

* Annual income is 1.20 lakh small farmer or landless agricultural worker.

To whom? 

* This Act applies to private lenders, private financial institutions and traders.

* Debt, use, decree, debt no matter what the order is.

For whom, who does not apply?

* Land Revenue Pending.

* Salary, Salary Wage Balance

* Central and State Governments and Local Bodies.

* Government Company, LIC, Co-operative Societies are not applicable to loans

* Central, State Governments and Local Authorities taxes are dues.

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