Exemption limit for stamp duty on crop loan raised

Chandigarh, Aug 6 (UNI) In a significant move to give more benefit to the farming community, the Haryana government today decided to double the exemption limit for stamp duty on crop loan by enhancing it up to Rs two lakh.

A decision to this effect was taken in a meeting which Chief Minister Bhupinder Singh Hooda had with the State Level Bankers Committee to discuss various issues concerning the state here today, an official spokesman said.

The decision to enhance the exemption limit on payment of stamp duty on agriculture loans would give boost to agriculture credit thus benefiting the farmers. However, in case of tractor loan this limit would remain up to Rs three lakh.

Discussing the issue of euqitable mortgage by way of deposit of title deeds, the Chief Minister urged the banks that while mortgaging the land to give advances, they should consider the floor rates as fixed by the state government for the entire state.

He said the state government had, apart from fixing the floor rates, also made a provision for annuity to compensate the land owners in view of acquisition of their land. ''In a State like Haryana where the rates of land are too high, the banks should revise their guidelines on the issue of equitable mortgage.'' It was decided that the state government would provide its notification issued in this regard to the State Level Bankers Committee so that it could be circulated among other concerned banks.

Mr Hooda also impressed upon the banks to expeditiously provide loans to the farming community so that they might not suffer for want of funds.

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