Chennai: The Tamil Nadu government on Monday issued orders that suggested the neglect of loans taken from cooperative banks in gold to five sovereign or less.
This step will cost Exproquer around 6,000 crores.
The Department of Cooperation, Food Protection and Consumer Publishes away which stated that CM MK Stalin, on September 13, announced that gold loans were taken from cooperative banks until March 31, 2021, will be released based on certain criteria to benefit in need.
The DMK has promised to release a loan at Manifesto elections earlier this year.
The government also issued guidelines for identifying beneficiaries who qualified and did not qualify to utilize neglect.
Among other things, if the ration card holder and members have one or more gold loans (gross weight to 40g) in one or more cooperative banks, they will be eligible for neglect.
The release of Govt TN went on Nadu Waivertamil Government Gold Loan, on Monday, released the government’s command (leaving) on the neglect of a gold loan where gold weighed five sovereign pawned at a cooperative bank.
The Department of Cooperation, Food and Consumer Protection issued A GO STATING MK Stalin Minister, on September 13, announced that gold loans were taken from cooperative banks until March 31, 2021 will be released based on the qualifications in need.
DMK has promised to release loans in their election manifesto earlier this year.
The department states that loan neglect will provide a value of 6,000 crores except payment part of the loan by several beneficiaries.
Going also mention a set of guidelines that must be followed by cooperative banks for the neglecting process.
According to the guidelines, if the ration card holder and members have one or more gold loans (gross up to 40g) in one or more cooperative banks, they will be eligible for neglect.
In terms of borrowers who meet the requirements to pay part of the loan, the number of balance loans including the principal and other interests will be taken into account.
Sri Lanka refugees who live in rehabilitation camps will also qualify under neglect if they comply with the requirements.
Going also includes categories that do not meet the requirements such as loans taken after March 31, 2021 do not qualify for neglect.
Gold loans above 40G gross weight in one or more cooperative banks will not be eligible for neglect.
The gold loan in 40 g of gross weight is taken on or before the cut-off date March 31 2021 will not be entertained to neglect if the loan has been closed or before the exemption left.
The order also stated that the state government would pay the cooperative bank the main loan and interest rate starting April 1 to the release of Go.
Nadu Govt’s Gold Loan Loans for Tamil Nadu Govt
