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Assam Cabinet waives stamp duty on loans sanctioned to street vendors affected by COVID

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On Wednesday, the Assam Cabinet decided to eliminate stamp duty on loans granted to street sellers who have been affected by COVID-19 and lockdowns under the PM Street Vendor’s Atma Nirbhar Nidhi.

Beneficiaries without any financial burden

Assam Cabinet

State health minister Keshab Mahanta informed the media about the cabinet decision, saying that it will enable beneficiaries to obtain a Rs 10,000 loan without any additional financial burden and will also speed up the loan disbursement procedure.

According to the minister, a Rs 400 crore grant in help has been sanctioned for several initiatives under the Chief Minister Samagra Gramya Unnayan Yojana to speed up rural development.

Other key decisions taken in the cabinet

The Assam State Space Application Centre would be established as a self-governing registered society under the Department of Science, Technology, and Climate Change.

In response to a request from the Union Ministry of Road Transport and Highways, the “State GST reimbursement scheme for Majuli bridge project, 2021” was approved to expedite development on the Majuli bridge.

In addition to the current Gregorian calendar, the Assamese calendar (Bangla and Bodo calendars in Barak and BTAD districts, respectively) will be utilized for all government correspondence.

The Holiday List for 2022 has been approved.

Under the Northern Ireland Act, there are 34 gazetted holidays, 31 limited holidays, 2 half-holidays, and 18 half-holidays.

In Barak Valley, a new wildlife section will be established.

Cachar, Karimganj, and Hailakandi District – Jurisdiction of the Division

PM Street Vendor’s Atma Nirbhar Nidhi Scheme

The PM Street Vendor’s Atma Nirbhar Nidhi (SVANidhi) Scheme, a Micro-Credit facility, was introduced in June 2020 to empower street sellers to recover losses caused by the COVID-19 pandemic.

It was founded under the aegis of the Ministry of Housing and Urban Affairs (MoHUA)

Key objectives of the Scheme

Working capital loans of up to INR 10,000 are available.

An interest subsidy of 7% per year is being offered to encourage regular loan repayment. Every quarter, this subsidy will be credited back to you.

Monthly cashback programs reward digital transactions.

Eligibility criteria

Beneficiaries from States/UTs that have notified regulations and guidelines under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014 are eligible for the Scheme.

The plan is open to street vendors who were operating in metropolitan areas on or before March 24, 2020. The following criteria will be used to identify eligible vendors:

  • Possession of a Certificate of Vending/Identification Card issued by a local government (ULBs)
  • Identification was required for the survey, however, the respondent did not have a Certificate of Vending / Identity Card.
  • Urban Local Body (ULB) / Town Vending Committee Possession of Letter of Recommendation (TVC)

Impact

The Scheme, which was created to assist the vulnerable community that was at risk due to pervasive travel restrictions, has had a tremendous impact.

So far, 33.6 lakh loan applications have been submitted. More than 17.3 lakh loans have been approved, with more than 12.7 lakh loans disbursed.

The establishment of a comprehensive capacity-building plan that targeted numerous stakeholders and digital payment aggregators ensured effective delivery of the Scheme.

The capacity-building strategy was supplemented by branding and publicity activities that emphasized the Scheme’s intended impact.

Boosting digitalization in India

The PM SVANidhi Scheme aims to reactivate stalled economic operations among street vendors, a group of people who have been harmed by pandemic restrictions.

The Scheme intended that by increasing the degree of formalization among street sellers, they would have more social and financial prospects, helping them to move up the social and economic ladder.

Also Read: ASSAM TET SCAM: CID NABS 7 MORE TEACHERS ALONG WITH 2 MIDDLEMEN

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