The State government, which was awaiting promulgation of the Debt Relief Ordinance by the President, is now set to introduce the Debt Relief Bill, 2018 in the Belagavi session of the legislature, which is scheduled to commence on December 10.
“The President had sought two minor clarifications, including one on the definitions of banking and creditor that we had in the draft copy. We have sent the clarification, which will now have to pass through the Union Law and Home ministries. Meanwhile, we will introduce the Bill in the Belagavi session and hope it will be passed quickly,” Cooperation Minister Bandeppa Kashempur told.
“We have also incorporated the clarification sought by the President in the proposed Bill. Banking systems that are governed by the RBI guidelines will not be covered under the proposed Bill,” he added.
Proposed after nearly four decades, the legislation seeks to release lakhs of below the poverty line families in the State from the debt trap of moneylenders, and will enable waiving of loans availed from moneylenders. The Debt Relief Act was first implemented in 1976 when late D. Devaraj Urs was the Chief Minister and it was implemented again in 1980.