Arunachal: Cabinet approves Money Lending (Regulation) Bill 2018

 

In another landmark decision, the State Cabinet approved the Arunachal Pradesh Money Lending (Regulation) Bill 2018 to be tabled in the ensuing budget session starting March 9 next


Itanagar

 State Cabinet headed by Chief Minister Pema Khandu in its day long meeting today took some key decisions.

One of the major decision the council of minister took was to approve for amendment of the Arunachal Pradesh Panchayati Raj Act 1997 (Act No. 5 of 2001) with provision of two tier Panchayati Raj system in consonance with Article 243(B) of the Constitution (73rd Ammendment Act, 1992).

The cabinet viewed that under Article 243 (B) of the Constitution states that “there shall be constituted in every state, panchayats at the village, intermediate and district level but Panchayats at the intermediate level may not be constituted in the state having  a population not exceeding 20 lakhs”.

Since Arunachal Pradesh has just 13.84 Lakhs population, the three tier Panchayati Raj system be replaced by two tier system- Gram Panchayat and Zilla Parishad. Moreover the two tier system shall expedite planning process, quicken decision making and fast track development . The amendment bill will be placed in the ensuing budget session.

In another landmark decision, the State Cabinet approved the Arunachal Pradesh Money Lending (Regulation) Bill 2018 to be tabled in the ensuing budget session starting March 9 next. This bill was necessitated for the rampant unregulated money lending system presently prevalent in the state which rendered people vulnerable at the hands of money lenders. Under the new Act, when passed in the floor of the Assembly, shall contain 55 clauses which will define regulatory framework around money lending with penal provisions.

Another notable decision the Council of Ministers took was to approve for amendment of bringing a clearcut land ownership right in lieu of the existing Land Possession Certificate (LPC) system under Arunachal Pradesh Land Settlement and Record Act 2000.

The amendment bill will be tabled in the ensuing budget session. The amendment in the Act will provide ownership rights to the LPC holders. Apart from benefiting the people by ease of doing business, the amended act will encourage investments from outside the state. It will also help people to seek loans from the banks by mortaging their land.  It also seeks to enhance the period of lease of private land.

The council of ministers also approved for release of salary and wages of all regular and contigency employees through Public Financial Management System (PFMS) platform. All salary payment will be made only in Aadhaar linked Bank accounts from next financial year. This will ensure transparency and accountability in the state.

An important bill– Arunachal Pradesh Fiscal Responsibility and Budget Management (Ammendment) Bill 2018 was adopted and will be placed in the ensuing Assembly Session.

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