Financial Daily from THE HINDU group of publications
Thursday, Sep 05, 2002
Financial Daily from THE HINDU group of publications Thursday, Sep 05, 2002 |
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Agri-Biz & Commodities
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Farm credit Karnataka waives Rs 127-cr interest on crop loans Our Bureau
BANGALORE, Sept. 4 IN a move that would benefit farmers hit by the drought in the State, the Karnataka Cabinet today approved waiver of Rs 127-crore interest accrued on kharif crop loans. It has also decided to convert all short-term loans into medium loans. Crop loans amounting to Rs 975 crore were disbursed this year through cooperative societies. Nabard, which had disbursed the credit through the societies, will be reimbursed around 50 per cent of the waived amount or Rs 63 crore. The Centre would be asked to bear the remaining amount, the Chief Minister, Mr S.M. Krishna, told a news briefing after the Cabinet meeting. He said the prolonged dry spell had destroyed kharif crop in the State. The Information Minister, Mr Kagodu Thimmappa, said all Ministers and Congress (I) legislators would donate one month's salary to the drought relief fund. State Government employees would be asked to follow suit. By an earlier decision, drought-hit areas have been exempted from paying land tax. In an another development, an agency report said that farmers and students in Karnataka's Mandya district today held sporadic protests, staged dharnas and blocked roads over the Supreme Court directive asking the State to release 1.25 tmc ft of Cauvery water to Tamil Nadu daily.
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