HP to amend legislation to allow mortgage for securing loan in tribal areas


    Himachal Pradesh Government today presented a bill in the State Assembly to amend the existing law to facilitate the tribal people to mortgage their lands to secure banks loans as the earlier Act barred the people to allow them so. HP Chief Minister Mr. Virbhadra Singh who has portfolio of Finance presented the bill to amend HP Transfer of Land (Regulation) Act, 1968 regulates the transfer of land in the State.


    Mr. Singh said that in the interest of people belonging to Scheduled Tribe, the second proviso to sub-section (1) of section 3 of the Act did not allow to mortgage land if any persons want to secure the loan from Co-operative Land Mortgage Bank or any Cooperative Societies should be amended. He said that if such people want to seek loan they have to apply Government permission which was consuming and causes great inconvenience.


    “Even Scheduled Banks are also facing great hurdle in extending credit facilities to the members of such community in the State due to this provision.” Mr. Singh said in the bill. In order to overcome this difficulty, it has been decided to make suitable amendments in the Act so that the members of Scheduled Tribe community may be able to secure loan from Nationalized Commercial Banks and Co-operative Banks in the State. In addition to any Cooperative Land Mortgage Bank or any Co-operative Society, by way of mortgage  people would not need to wait long with passage of this amendment likely to come for discussion during left two day of the Winter Session.

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    ML Verma is a Senior journalist, with more than a decade of experience of active reporting for electronic media, news agencies and fast paced online media.

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