Punjab Chief Minister Captain Amarinder Singh, on Wednesday, July 14, announced a debt waiver of ₹590 crore for farm labourers and landless farmers. The state government had confirmed the debt waiver of loans in their 2017 manifesto.
The government will pay off the loans of 2,85,325 workers who are members of Primary Agricultural Cooperative Societies (PACS-2019), providing relief of ₹20,000 for each. The authorities will issue the cheque on August 20, The Indian Express reported.
The finance and cooperation departments have been directed to initiate the process with immediate effect.
Debt Relief Scheme
According to the report, the state government had formulated a Debt Relief Scheme for Farm Labourers and Landless Farming Members of PACS-2019, and cover the consumption loans to the members, advanced by district central cooperative banks in Punjab through Primary Agricultural Cooperative Societies.
So far, nearly 5.64 lakh farmers have been provided relief under the scheme, with the government paying off ₹4,624 crore of debt loans in total.
Besides, loans of the Scheduled Caste and Backward Class community members have also been written off up to ₹ 50,000 each. Waiver amounting to ₹58.39 crore of 6,405 beneficiaries have been paid off by the SC Corporation, and ₹20.71 crore of 1,225 people by the BC Corporation.