Bengaluru, Jul 24: President Ram Nath Kovind has given his assent to Karnataka Government's Debt relief Act, which is aimed releasing small farmers and agricultural labourers from clutches clutches of Money Lenders and Pawn brokers who earn nor more than Rs 10,000 per month, Karnataka caretaker Chief Minister H D Kumaraswamy said today.
Addressing a press conference, Kumaraswamy, who relinquished his office as Chief Minister after losing the trust vote yesterday said, "the State government has issued a GO yesterday on the Act approved by the President. Though the Act dates back to 1976 introduced during the then Chief Minister D Devaraj Urs, it was again passed in the Legislative Assembly by the Congress-JDS Coalition government and after constant persual by the Chief Secretary and his team the Bill got President's final assent on July 16".
He said that under the Act, Agriculture Labours, landless labourrers and small farmers having 2 acres of rainfed land or less, whose annual income is less than Rs 1.2 lakh per annum and and had taken loan from money lenders, pawn brokers or from any other private source, will get the relief. It will be only a one time relief and their loan will be waived off. Assistant Commissioners have been appointed as Nodal officer and after getting application for loan waiver under this act will get the loans cleared, he said.
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