Tuesday, 24 January 2017

Govt waives Rs 660.50 cr interest on crop loans for Nov-Dec

 NEW DELHI: In relief to farmers who reeled under cash crunch on account of demonetisation, the government today decided to waive Rs 660.50 crore interest on short-term crop loan for November-December 2016 and grant Rs 400 crore to Nabard to bear refinancing cost of co-operative banks.

A decision in this regard was taken at the Cabinet meeting, chaired by Prime Minister Narendra Modi, to help farmers who faced hardships because of scrapping of Rs 500 and Rs 1,000 notes from November 8 mi ..

The government, the release said, waived the interest on short-term crop loans as farmers faced difficulty following cancellation of legal tender character of old Rs 500 and Rs 1,000 notes.

They faced problems in encashing the cheques received against sale proceeds of their kharif (summer) produce in mandis. Inadequacy of cash constrained the farmers in carrying out rabi (winter) sowing operations and servicing the interest of the short-term crop loans, especially in view of the restric ..

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