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Punjab cabinet nod to slash interest rate on hiked land cost from 15% to 7.5%
Decision to slash the interest rate taken in the cabinet meeting chaired by Punjab chief minister Charanjit Singh Channi on Sunday
The Punjab cabinet on Sunday gave nod to reduce the interest rate on the enhanced land cost to be recovered from allottees in areas under improvement trusts. The rate of interest to be charged on the enhancement recoverable will be reduced from 15 per cent to 7.5 per cent. The decision was taken in the cabinet meeting chaired by chief minister Charanjit Singh Channi on Sunday.
Talking to mediapersons, Channi later said the decision will benefit 40,000 families. “The step was taken on the requests received from various Improvement Trusts,” he said, adding that it was a normal practice that farmers move court seeking higher compensation and once the enhancement is allowed, it is passed on to the allottees of plots.
2nd sitting of Vidhan Sabha session on Thursday
The cabinet also decided to extend the November 8 Vidhan Sabha session by one more day. The second sitting will take place on November 11. Government sources revealed that there are important engagements fixed for Tuesday and Wednesday due to which the second sitting was scheduled for Thursday.
Rules for tissue culture-based seed potato
A nod was also given to ‘The Punjab Tissue Culture Based Seed Potato Rules-2021’ to develop Punjab as a standard potato seed centre. The spokesperson said that the move will lead to increase in the area under potato cultivation.
With the decision, Punjab has become the first state in the country to have the facility of tissue culture-based certification, which will further boost developing Jalandhar-Kapurthala belt as the potato export hub.
The cabinet also approved to introduce the ‘Punjab Horticulture Nursery Bill-2021’ in the Vidhan Sabha by amending the ‘Punjab Fruit Nursery Act-1961’.
Payment of enhanced pension through cheques
Approval for payment of enhanced old age pension and other financial schemes for the month of July through cheque was also accorded by the cabinet. The move is one-time relaxation in the rules and thereafter the disbursement will be done through Direct Benefit Transfer (DBT) as before. The state has enhanced old age pension from ₹750 to ₹1,500 per month with effect from July 1, 2021.
