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HomeTop StoriesMoratorium on confiscation till December 31 - Cabinet decision

Moratorium on confiscation till December 31 – Cabinet decision

Thiruvananthapuram: The Cupboard has determined to declare a moratorium on confiscation until December 31, 2021 in view of the harm induced to crops by the rains, seasickness and Covid lockdown.

Section 71 of the Income Restoration Act, 1961, gives that farmers, fishermen and retailers from numerous monetary establishments, state authorities businesses such because the Housing Board, Co-operative Housing Federation, Backward Courses Improvement Company, Vegetable and Fruit Promotion Council, Co-operative Banks, and so forth. , Education, Dairy Improvement and Animal Husbandry Loans.

The Cupboard additionally determined to ask the Reserve Financial institution and the State Level Bankers’ Committee to increase the moratorium on foreclosures on loans from nationalized banks, personal banks, NBFCs and MFIs until December 31, 2021.

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