Punjab Chief Minister Captain Amarinder Singh announced a waiver of Rs 590 crore worth of loans under the Chief Minister's flagship 'Debt Waiver Scheme' for labourers and the landless farming community.
The Punjab Government will pay off loans to the tune of Rs. 590 crore of 2,85,325 members of the Primary Agricultural Cooperative Societies (PACS), thus ensuring a relief of Rs. 20,000 per member, said the Chief Minister.
The cheques would be issued at a state-level function on August 20, said an official spokesperson after a high-level meeting held on Tuesday.
So far, loans worth Rs 4624 crore have been waived off as many as 5.64 lakh farmers under the scheme, which was announced as part of the 2017 poll promises by the Punjab Congress.
In addition, loans of the SC and BC categories have been written off up to the amount of Rs. 50,000 each, including waiver up to Rs. 58.39 crore of 6405 beneficiaries by the SC Corporation and Rs. 20.71 crore of 1225 beneficiaries by the BC Corporation.
The Punjab Government has formulated a Debt Relief Scheme for Farm Labourers and Landless Farming Members of PACS-2019, which will cover only Consumption Loan to the members of the Primary Agricultural Cooperative Societies advanced by District Central Cooperative Banks in the state of Punjab through Primary Agricultural Cooperative Societies.
Among others present at the meeting were Finance Minister Manpreet Singh Badal, Cooperation Minister Sukhjinder Singh Randhawa, Additional Chief Secretary (Agriculture) Anirudh Tewari and Financial Cooperation K. Siva Prasad.