Tamil Nadu Gold Loan Waiver Scheme 2021 | TN Jewel Loans of Poor Families / Farmers / Women Members of SHGs to be Waived Off

Tamil Nadu Gold Loan Waiver Scheme 2021, Jewel Loans of families from poor economic background, farmers & poor women members of SHGs taken from cooperative banks / societies in Tamilnadu to be waived off, check complete details here
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Gold Mortgage Loan Waiver in Tamilnadu: CM MK Stalin has announced Tamil Nadu Gold Loan Waiver Scheme on 13 September 2021. In this TN Jewel Loan Waiver Scheme, the state govt. will waive off jewellery mortgage loans of up to five sovereigns for families from poor economic backgrounds. In this article, we will describe the complete details of the Tamilnadu Jewel Loan Waiver Scheme.

Tamil Nadu Gold Loan Waiver Scheme 2021 Details

Chief Minister announces to start a new Tamilnadu Gold Loan Waiver Scheme to waive off jewel loans upto 5 sovereigns availed from cooperative banks and societies. In this Tamil Nadu Jewel Loan Waiver Scheme, farmers, poor women members of SHGs, families from poor economic backgrounds would be covered. TN Gold Loan Waiver Scheme would cost an additional expenditure of around Rs. 6,000 crore to the state exchequer. Cooperation Department will issue detailed guidelines for the loan waiver scheme in a few days. 

Announcement of Tamilnadu Gold Mortgage Loan Waiver Scheme

Chief Minister MK Stalin on Monday announced gold loan waiver of up to five sovereigns for families from poor economic backgrounds. Making a statement under Rule 110 in the State Assembly, the Chief Minister said Minister for Cooperation I Periyasamy had on August 25 informed the House that during the AIADMK regime, crop loans to the tune of Rs 2,749.10 crore were given to 2,42,783 persons wrongly and many irregularities were committed in this regard. Following this, the government had gathered full information regarding jewel loans and they were subjected to intense scrutiny for the past one month so that the waiver would reach only genuine beneficiaries.

For the past one month, 51 categories of vital information regarding the families that availed loan waivers, details of cooperative societies from where the loans were availed, date of disbursal of loans and the amount involved, ration card details of the loanees, etc., had been scrutinised. Based on the scrutiny, jewel loan waiver will be given to families which are genuinely poor and based on certain eligibility criteria,” the Chief Minister said.

CM also pointed out that during this scrutiny, violations of rules while extending jewel loans were found and in some cases, waiver will not be given even if loans were below five sovereigns. For example, the loans availed by members of the same family from multiple cooperative bodies in more than one district, the beneficiaries of crop loan waiver earlier this year and some more categories will not qualify. The Chief Minister also said some persons had availed loans just after the release of the election manifesto, only with a view to get a loan waiver. The government would take action against those cooperative societies which engaged in such irregularities.

Beneficiaries of TN Gold Loan Waiver Scheme

  • Families from Poor Economic Backgrounds
  • Poor Women Members of SHGs: As per the announcement, loans availed by women members of SHGs from cooperative societies by pledging jewels upto five sovereigns would be covered in TN Gold Loan Waiver Scheme. Moreover, pending loans of women members of Self Help Groups in co-operative banks would be waived.
  • Farmers / Agricultural Labourers: Loans taken by poor farmers from cooperative societies by pledging jewellery upto 6 sovereigns would be waived off in Tamilnadu Gold Loan Waiver Scheme. In addition to this, outstanding loans of poor farmers & agricultural labourers in cooperative banks would also be waived off.

Need for Tamilnadu Jewel Loan Waiver Scheme

Families from Poor Economic Backgrounds: All the households who are poor and have taken gold loans would be benefited. Such families will now get their gold back after waiver of their loan amount.

Need for Gold Loan Waiver for Women in SHGs: Representations were made by SHG members that they were not in a position to repay loans taken from cooperative banks and societies in view of the COVID-19 pandemic. So the state govt. has decided to waive off the pending loans of poor women members of SHGs under Tamilnadu Jewel Loan Waiver Scheme. Currently, more than 1 lakh SHGs are functional and in such groups over 15 lakh women are members. A majority of women in such groups belong to poor families that are below the poverty line. So to improve their condition, Tamil Nadu Gold Loan Waiver Scheme is a major step.

Need for Gold Loan Waiver Scheme for Farmers / Agricultural Labourers: Poor farmers and agricultural labourers are facing great difficulties in repaying loans secured after pledging jewels. Such loans were taken by small, marginal farmers and agricultural laborers from cooperative societies to tackle financial distress caused by the COVID-19 pandemic. Although the spread of the virus has declined to an extent, the economy has not recovered fully. Considering the inability of farm labourers and the poor people in repaying jewel loans, representations received from them and the views of economic experts, loans availed by pledging jewels upto 5 sovereigns would be waived.

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The goal of TN Gold Loan Waiver Scheme is to help poor people. “Earlier Amma’s government waives jewel loans up to five sovereigns availed from cooperative societies. The move is to help the poor who borrowed after being hit by the pandemic induced economic slump and could not now clear their dues.

Source / Reference Link: https://www.newindianexpress.com/states/tamil-nadu/2021/sep/14/tn-to-offer-rs-6000-crore-gold-loan-waiver-2358428.html

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