Government to revise asset guidelines in regards to Farmer’s Loan Waiver

Bangalore, July 24: The State Government has decided to revise the Assets Guidelines for specializing in resource consolidation in case of farmers’ loans waivers in cooperative and nationalized banks.

The new guidelines will be implemented in the state from October 1. It is learned that the government has decided to raise 15 to 20 percent.

If the guideline comes into effect, then the land value in areas Mysore, Mangalore, Tumkur, Shimoga, Davanagere, Bellary, Kalaburagi, Bijapur, Hubli-Dharwad, Belgaum and capital Bangalore will increase substantially.

The Urban Development Department has already completed the preparation of the guidelines. The government will issue an official order after discussing in the next Cabinet meeting.

Earlier, the guideline was revised in 2016. Despite the demand for a revision every year, the government had withdrawn from the decision to not burden the public.

Due to loan waivers, priority is given to the resource accumulation and has become necessary. From August 1st, the land registration fee will increase.

1000 Crore Revenue Expected

The guideline is expected to increase the revenue by Rs 1,000 crore to the state government. In the year 2016-17, the state government had estimated revenue of Rs 9,000 crore from the registration and printing  fees.

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