news details |
|
|
| SC widens debt waiver ambit for Kashmir | | | New Delhi | Aug 31
Militancy changes many things, even the concept of a debt waiver scheme that was announced in 1997 for small entrepreneurs in militancy-hit J&K.
The scheme, as originally envisaged, was meant to waive loans up to Rs 50,000 taken by those engaged in tourism, transport, trade, hotel, houseboat business and retail trade.
However, the Supreme Court on Friday gave a liberal interpretation to the scheme and extended the loan waiver facility to those who had taken money from banks for purchase of buffaloes and sheep.
The moot question raised before the apex court by the J&K Rural Bank was — could the HC have taken such a liberal view to count purchase of buffaloes and rearing of sheep as a trading activity so as to qualify for loan waiver under the 1997 Debt Relief Scheme.
Under this scheme, only commercial loans/credit limits up to Rs 50,000 were eligible for relief but not loans taken against deposits or government securities. The bank said the scheme was intended to give relief to traders for business activities, hence taking loans for purchase of buffaloes and sheep and establishment of dairy units, which were akin to agriculture, could not be eligible for loan waiver. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
