Monday January 21, 2019
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Madhya Pradesh Waives off $5.3Bn in Farm Debt

The western state of Maharashtra and northern state of Uttar Pradesh, both ruled by the BJP, announced similar loan waivers last year.

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India, farmers, farm
Farmers march towards the parliament house during a rally to protest soaring farm operating costs and plunging prices of their produce, in New Delhi, India. VOA

The new leader of the Indian state of Madhya Pradesh is to waive up to $5.3 billion of farm loans, becoming the latest area to offer relief ahead of a national election next year as farmers reel from losses caused by falling crop prices.

Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party lost the central state to Congress last week dealing Modi his biggest defeat since he took office in 2014 and boosting the opposition ahead of the vote next year.

Congress leader Kamal Nath, who became chief minister of the state on Monday, decided to write off farmers’ loans up to 200,000 rupees, according to a notification.

farmers, Bank
Police try to stop farmers during a protest demanding a better price for their produce on the outskirts of New Delhi, India. VOA

Protests on the rise

Farmers’ protests have been rising in past months due to the fall in crop prices and a rise in the cost of diesel and fertilizer.

Nearly 3.4 million farmers will benefit from the loan waiver, which is likely to cost between 350 billion rupees ($4.9 billion) to 380 billion rupees ($5.3 billion), Rajesh Rajora, the state’s principal secretary for agriculture, told Reuters.

Also Read: Arvind Kejriwal Accuses Modi Government of Betraying Farmers

The western state of Maharashtra and northern state of Uttar Pradesh, both ruled by the BJP, announced similar loan waivers last year. (VOA)

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Nepal’s Central Bank Announces Ban of Indian Notes Above Rs 100

Currently, only the notes with a denomination of Rs 100 and below are freely exchangeable in Nepal

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crop loan
Indian Currency. Pixabay

Nepal’s central bank has announced the ban of Indian currency notes with denominations above Rs 100.

The Nepal Rastra Bank (NRB) on Sunday issued a circular for the institutions licensed by it notifying them about the ban, reports Xinhua news agency.

Authorised to Issue Currency Notes.
Rs. 2000 note was issued by RBI who maynot ahve been Authorised to Issue Currency Notes. Wikimedia.

Nepal’s cabinet in December had decided to ban the use of these currency notes.

The decision to ban these notes has come a time when the NRB has requested the Reserve Bank of India (RBI) arequesting the latter to allow Nepal to use currency notes with all denominations.

Also Read- Sabarimala Tantri Gets More Time to Explain Purification Rituals

Currently, only the notes with a denomination of Rs 100 and below are freely exchangeable in Nepal. (IANS)