Bengaluru: President Ram Nath Kovind signed the Karnataka Debt Relief Act 2018 on July 16, which is expected to help lakhs of poor families to find a one-time solution to the loans bought from the non-RBI registered lenders.
It is second such act implemented in the state in the last 40 years. The first Act was brought when Devaraj Urs was the chief minister of the state.
The families below Rs 1.20 lakh annual income can get relief under this act. They can apply for the debt relief within 90 days of notification in this regard. The assistant commissioners will be the nodal officers notified for the implementation of this scheme. All the social categories including farmers, labourers, artisans etc are eligible to get relief under the act.
“It is my parting gift to the state,” said CM HD Kumaraswamy in a press meet at the Vidhana Soudha. “I wish this act will bring a lot of changes in the society and helps the needy,” he said.
