TheTamil Nadugovernment issued an order giving effect to waiver of loans taken from on gold up to five sovereigns or less.
The move will cost the exchequer about 6,000 crore. The department of co-operation, food and Consumer protection issued the GO stating that CMM K Stalinhad, on September 13, announced that the gold loans taken from cooperative banks till March 31, 2021, will be waived off based on certain criteria to benefit the needy.
The department stated that the waiver of the loan will provide the exchequer 6,000 crore approximately except the part repayment of the loan by some of the beneficiaries.