Stamp duty exemption on crop loan up in Haryana

In a significant move to give more benefit to the farming community, the Haryana Government today decided to double the exemption limit for stamp duty on crop loan by enhancing it upto Rs 2 lakh.

A decision to this effect was taken in a meeting which the Chief Minister, Bhupinder Singh Hooda had with the State Level Bankers Committee to discuss pending issues concerning the State, here today.

The decision to enhance the exemption limit on payment of stamp duty on agriculture loans would give boost to agriculture credit thus benefiting the farmers. However, in case of tractor loan this limit would remain upto Rs three lakh.

While discussing the issue of euqitable mortgage by way of deposit of title deeds, the Chief Minister urged the banks that while mortgaging the land to give advances, they should consider the floor rates as fixed by the government for the entire State.

He said that the State government had, apart from fixing the floor rates, also made a provision for annuity to compensate the land owners in view of acquisition of their land.

In a State like Haryana where the rates of land are too high, the banks should revise their guidelines on the issue of equitable mortgage.

It was decided that the State Government would provide its notification issued in this regard to the State Level Bankers Committee so that it could be circulated among other concerned banks.