Karnataka to waive farm loans worth Rs 10,000 cr
Bengaluru, June 25: Karnataka's JD-S-Congress government would waive farm loans amounting to Rs 10,000 crore, including interest, taken by farmers across the state, said an official on Monday.
"The loans borrowed by the farmers from district cooperative banks and state cooperatives will be waived along with interest on them, costing the exchequer about Rs 10,000 crore," a Chief Minister's Office functionary told IANS here.
The decision on the loan waiver was taken at a meeting chaired by Chief Minister H.D. Kumaraswamy and attended by Co-operation Minister Bandeppa Khashempur, Agriculture Minister N.H. Shivashankara Reddy and officials of various departments.
"The Chief Minister (who holds the Finance Department) will announce the modalities of the waiver on July 5 when he presents the budget for 2018-19," said the official.
The proposed write-off will be in addition to a similar waiver the previous Congress government declared on June 21, 2017 for over 22 lakh farmers who borrowed crop loans up to Rs 50,000 each from the cooperative banks.
The previous waiver had cost the state exchequer Rs 8,165 crore.
"The loan waiver is aimed at providing relief to lakhs of farmers and their families who have been reeling under debt and crop failure due to droughts across the state over the last couple of years," said the official quoting Kumaraswamy's remarks at the meeting in the state secretariat.
Allaying fears of officials and heads of the cooperative banks on the longevity of the coalition government, the Chief Minister said what the state would do for the people, especially farmers, was more important than how long it lasted.
"It is not how many days or months our government survives but what it does during its rule to the people, including farmers and the poor. All stakeholders, especially officials, leaders of the coalition partners, ministers and legislators should work for the state's development than worry about the government's fate," said Kumaraswamy.
Defending his decision to present a full-fledged state budget than a supplementary one as suggested by former Chief Minister Siddaramaiah, the Chief Minister said as about 100 new legislators were elected in the May 12 Assembly poll, they could serve a privilege notice against him in the Assembly for implementing the budget of the previous Congress government, as the manifestos and promises made by both the coalition parties were different.
"I don't want a privilege notice or motion against me from the new MLAs in all the parties, including the JD-S, Congress and BJP," said Kumaraswamy.
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Three company directors held in Rs 100-crore investment fraud in Kochi
Kochi (Kerala) (PTI): Police on Sunday arrested three directors of a firm accused of cheating hundreds of investors of over Rs 100 crore through a fake investment scheme linked to agricultural tourism here, officials said.
The accused were identified as Muraleedharan, Ashik Murali and Akhil Murali, all natives of Thrissur.
The arrests were made by the Kalamassery police in connection with a fraud involving ATCOS (Agri Tourism Cooperative Society), a firm headquartered at Pathadipalam here.
Police said the company had promised high returns by collecting investments from the public in the agricultural tourism sector, but allegedly cheated hundreds of people and fled with the money.
ATCOS was registered under the Multi-State Cooperative Societies Act and operated 13 branches across various districts in Kerala, besides a branch in Coimbatore in Tamil Nadu, officials said.
When investors failed to receive their promised returns or the invested amount, complaints were filed with the police.
Officials said around 54 cases have been registered against the firm in 32 police stations across the state, including 29 cases at the Kalamassery police station alone.
Following instructions from Kochi City Police Commissioner K S Mahesh Kumar, a special investigation team was formed under the supervision of Deputy Commissioner of Police (Law and Order) Shehensha and Thrikkakara ACP Manoj Kumar.
The team traced the accused to an apartment in Amala Nagar in Thrissur, where they had been hiding after secretly renting the flat, officials said.
The bank accounts of the accused have been frozen, and steps have been initiated to trace their assets, officials said.
Police also conducted a raid at the company’s office at Pathadipalam and seized several documents related to the case.
The accused were produced before the Judicial First Class Magistrate Court in Kalamassery, which remanded them to judicial custody and sent them to Kakkanad jail.
Police said they would seek the custody of the accused for further interrogation as the investigation continues.
