To streamline the process of money lending to the farmers, Punjab Government has notified the establishment of Divisional Agriculture Debt Settlement Forums, which would be headed by Divisional Commissioners.
The Forums would carry out the purposes of ‘The Punjab Settlement of Agricultural Indebtedness (Amendment) Act, 2018’ within the territorial jurisdiction of such divisions.
The amended law addresses the infirmities and technical flaws in ‘The Punjab Settlement of Agricultural Indebtedness Act, 2016’, enacted by the erstwhile SAD-BJP, said the spokesperson adding that the old legislation was highly detrimental to the interests of the farmers, necessitating the amendments.
The new law will go a long way in mitigating the hardships faced by the farmers on account of money lending, said the spokesperson.
Spokesperson said that with the issuance of the notification, the Divisional Commissioners had been appointed as chairmen, while two representatives — one each from the Revenue and Agriculture Departments — would be nominated as ex-officio members by way of notification in due course.
Punjab Settlement of Agricultural Indebtedness (Amendment) Bill, 2018, was passed in the previous Punjab Vidhan Sabha session, thus setting in motion the process of installing the mechanism to streamline the system of money lending to farmers.
It will fix a limit on the advance on per acre of land, with the rate of interest also to be determined by the Government.