Agriculture Appreciation Bill, 2016 Passed by Punjab Assembly [ Current Affairs ]

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About Agriculture Appreciation Bill, 2016: The aim of passing the Agriculture Appreciation Bill is to provide release to agriculturists, laborers and others who are dependent on agriculture by providing them fair clearance of their debt related disputes.

  • It also deals with quick resolution and clearance of non-institutional agricultural debt.
  • It establishes district-level agricultural debt clearance forum and a state-level agricultural debt settlement hearing to help farmers resolve and settle their non-institutional debts.

About passing of Bill by Punjab Assembly:

  • Punjab Legislative Assembly has passed Punjab Settlement of Agriculture Indebtedness (Appreciation) Bill, 2016.
  • How Bill will work?
  • Government will suggest a maximum rate of interest which can be charged by the creditors on non-institutional loans provided by them.
  • Jurisdiction of civil courts has been banded and all pending disputes in the civil courts will be transferred to district-level agricultural debt clearance forum from the date the Act is notified.
  • Each creditor will issue an authenticated passbook to the debtor and the reports before the forum and the hearing judicial reports.
  • The decision of the dispute will be given by forum within three months.
  • Both the forum and tribunal will have term of three-years.
  • Any debtor or creditor of agricultural loan can file a request before the district-level forum for settlement give their debt.
  • If they are not agreed with the order of the forum, then they can file an appeal before the state-level tribunal.
  • The forum can give relaxation of agricultural loans up to 15 lakh rupees.

- Published on: March 28, 2016