Probe those getting agriculture-loans in multi-croes at subsidized interest-rate of four-percent per annum

Former Central Information Commissioner Shailesh Gandhi in his facebook-post has made shocking revelation said to have been obtained under RTI Act and published in a social media that every year from 2010 to 2016 about 700 people were given total agricultural-loans of about 60000 crores every year with an average of about rupees 90 crores per individual every year on a highly subsidised nominal rate of just four-percent per annum.

This is just a mockery of economy where ultra-rich are getting tax-exemptions in name income from agriculture, and such heavy loans at highly subsidised rate of just four-percent per annum. It may not be surprising if some of these might have availed loan-waivers granted in name of agricultural loans.

There must be a limit of loans sanctioned by banks in name of agricultural loans so that only really needy poor farmers may take advantage of heavy subsidy on interest-rates. Moreover to avoid whitening of black money in name of tax-free agricultural income, provision of tax-exemption on agricultural income should have some limit of say rupees five lakhs that too when total income declared may not exceed rupees ten lakhs in a year.

MADHU AGRAWAL