Presidential Seal On Tribal Debt Relief Law in MP from November 15th

Story Highlights
  • The tribal’s to receive significant aid from the Shivraj government.
  • Tribal’s who took loans would not have to repay them until August 15th.
  • Money-lending without a license in MP in a offence and is punishable for 3 years.

Madhya Pradesh: The tribal’s would receive significant aid from the Shivraj government. Tribal’s who took loans until August 15th, 2020 from unlicensed moneylenders in Madhya Pradesh would not have to repay them. The government has altered the Scheduled Tribe Debt Waiver Act as well as the Madhya Pradesh Moneylender Act to achieve this goal. President Ram Nath Kovind has now signed an amendment to the Department of Tribal Affairs’ Scheduled Tribe Moneylender Regulation. At the tribal congress on November 15th, Prime Minister Narendra Modi will announce the implementation of the amendment in 89 tribal areas across Madhya Pradesh.

The Scheduled Tribes Debt Relief Act Bill was passed by the Assembly in September of last year after receiving the President’s signature. Loans made by unregistered moneylenders until August 15th, 2020 were ruled void under this law. Along with this, there was also a stipulation that if it was forcibly recovered, action would be taken. The sub-divisional officer was given authority to do so (revenue). Punishable by up to 3 years in prison if found guilty of money-lending without a license in Madhya Pradesh under the law, the lender Bill 6 months sentence is 3 years. Furthermore, tribal loans obtained from non-licensed moneylenders before August 15th, 2020 will be considered void.

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