Re-schedule of loans taken by an agriculturist from financial institutions.

Finance200121 sections

Statutory text

(1) Notwithstanding anything contained in this Act or in any law or contract or decree or order of any Court or Tribunal the Government may, in such manner as may be prescribed reschedule the recovery of loans availed by an agriculturist and due on or before the date of commencement of this Act to a financial institution owned or fully controlled by the Government.
(2) Where the reschedule of loan is made under sub-section (1), the agriculturist shall be bound to repay such loan with interest to the financial institutions concerned within the period allowed by such financial institution.

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