Punjab Assembly passes Agriculture Indebtedness Bill

Ruchika M Khanna

Tribune News Service

Chandigarh, March 22

The Punjab Vidhan Sabha passed the Punjab Settlement of Agriculture Indebtedness Bill, 2016, on Tuesday. The Bill seeks to provide relief to agriculturists, labourers and others dependent on agriculture and to provide for fair settlement of their debt related disputes. 

Although there is no ceiling on interest rate that can be charged by private moneylenders, as was originally proposed, the interest rate will be decided each year, based on the interest rate charged by banks at that time.

In case a farmer has paid double the principal amount of loan to the creditor, that loan case will be fit for one-time settlement with the district forums that are to be set up. Once the Act is notified, all pending cases of dispute between the creditor and debtor will be transferred to the district forums having judicial powers.

The dispute will be settled within three months, and appeal of the district forums rest with the state tribunal.

Meanwhile, the Assembly today unanimously passed a resolution proposing hike in pension of former MLAs from Rs 10,000 to Rs 15,000.

The resolution was moved by Congress leader Laal Singh and endorsed by Parliamentary Affairs Minister Madan Mohan Mittal of the BJP. It was later adopted by the House unanimously.

Backing the resolution, the Minister said, “It is for the benefit of ex-MLAs... we should also think about former members of the Assembly”. (With PTI inputs)