Small farmers on cloud nine as govt waives their loan

Published On: December 13, 2018 06:00 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 13: The government on Thursday decided to waive the loan worth over Rs 1 billion taken by small farmers from the Agriculture Development Bank.

On December 10, the Council of Ministers took a decision to this effect and made it public today.

According to Agriculture Development Bank, the principle amount of the loan is over 290 million rupees while the interest accrued from this the loan alone is over Rs 1 billion.

The government will provide the amount equivalent to the loan to the Agriculture Development Bank, unshackling 600 to 700 debtors.  

Meanwhile, the Nepal government has banned Indian currency notes of IR 200, 500 and 2,000 in denominations in Nepal, terming them ‘unauthorized and illegal’.

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