The agriculturists here are quite illiterate Alabama unsecured loans being too poor to spend anything on education and only the mahajans take advantage of the schools. Transport facilities are improving but there are no development departments Maine same day loans to ameliorate the condition of agriculturists. Last but not least the subordinate officers in Courts are never sympathetic towards this class with the result that the money-lenders bleed them white. The society members form 3 per cent, of the population but fths of the population of this part is agriculturist taking 3 per cent, to be free from debt,.
The whole debt must be approximately 4 crores of rupees from this class of people.
The main causes for which this debt is contracted are: — (1) marriages, funeral and other social occasions, (2) famine- and other kinds of distress, e.
There are a few persona who own more than the economic holdings and the debt due from them is higher than from those who own less. This debt Maine same day loans is largely due to the high-handedness of the professional money-lenders.
Interest is recovered on each crop first, but the outstanding interest is not Maine same day loans added to the principal. They also charge kata varying from 5 to 10 per cent, while advancing loan. The existing legislation has not gone far enough to provide credit facilities.
In my opinion the old debts of the money-lenders which are not audited should be settled through insolvency courts and the co-operative societies should then be encouraged and organised. The policy of the Land Alienation Act of 1914 should be strictly enforced and land given only to the more efficient cultivators instead of to a money-lender in cases where it is essential to do so in the interest of agriculture 2617. There is no zamindar money-lender except the professional money-lenders who have come in possession of land. But the cash loans although the rate of interest is lower Maine same day loans are not repaid so easily.
The Usurious Loans Act of 1918 is not being availed of. Quarterly reports should in my opinion be asked for from the Courts as to its application or action taken on them. Forms of accounts books should be prescribed and accounts audited annually, 2821. Interest charged is generally 18 per cent, besides kata.
The only difference between the rates charged from different classes of zamintldrs is that a higher rate is charged from poor persons and a lower rate from big persons. Government advances takavi loans only in times of scarcity. The cultivators do not freely take takavi loans as the process is expensive and troublesome. It is difficult to give an estimate but about 26 lacs of rupees are annually required. The principle on which I estimate this is that about Rs. There is no important marketing centre in my circle except three small ones for cotton and grain at Bijainagar, Kekri and Nasirabad.
The money-lenders collect the produce from their clients at a bit cheaper rate and sell them to the agents of big firms at the towns mentioned above.
There is no direct connection of any firm, bank, etc. The agriculturists does not store the produce in a true sense, he only collects it in the kotha and gives to hi s bohra when he comes to the village, bad credit payday loans Oklahoma by instalments as collection goes on.
He makes a round in the village once or twice a week collecting the produce in this way, 2632. This should be Maine same day loans tried as an experiment in some big cities. Agriculturists should be financed when the produce is taken for marketing. If the Government finances the agriculturists at a cheap rate of interest through the co-operative department, much can be done on this side. Yes, there is a demand for long term credit for (a), (6), ( h), (m) of question No. Efficiency of the cultivator and his proper care also form an important part of this. Prices are lowered greatly as it is to Maine same day loans be auctioned, so the purchaser does not make higher bids. No mortgage can be made for more than 20 years, but the money-lenders are shrewd enough to get a fresh mortgage before the period of the former mortgage ends.
People are too illiterate to accept debenture bonds in Alabama need money now this area. There is one mortgage bank at Ajmer which perhaps advances Joans on mortgages up to the extent of frds of the value of land. Such institutions should be established with strict Government supervision. The proportion between the value of mortgage and the amount of loan should be 3 to 2. The land mortgaged should be taken charge of by Government by law till the loan is cleared. If the borrower defaults Government should have power to sell it. Co-operative societies should be established for this and loans given to them by Government at cheaper rate.
There is also a small society of Regan at Dilwari who also cure leather. Government should encourage them by financing them. Poultry-farming, garden produce, spinning, dairy farming, cattle breeding, etc,, should be encouraged co-operatively. The co-operative societies in my area really do banking business and are improving the morals in addition to obtaining deposits, etc.
The only popular prpvident and banking company recently started has practically come to a close now.
Members do not fully realise the societies to be their own institutions, education is what is necessary. Co-operative banks cannot advance loan for long terms as the depositors may ask for the deposits at any time. The usual period for which deposits are received is 3 years. As regards short term loans the surplus in bank becomes high at the time of recovery causing loss to the central banks. All the small productive demands of the agriculturists (co- operators) are met with by the co-operative societies. Above 2 lacs of rupees extra will be sufficient to finance this area. I come in touch with the Regans , Chamars, Khatiks and sweepers of Nasirabad Town and I find that the rates of interest charged from varies from 371- per cent, to 75 per cent. The load of that on thorn is very high but it is being now gradually reduced. Leather trade, shoemaking, taking of contracts of building and of sliahar-mfai, by the sweepers and starting of poultry farming can be of great benefit.
Government help is necessary to finance them at low rates of interest during the process of production and marketing. Co-operative societies are trying to help this to some extent.
There are no societies of small traders, but Regan who deal in leather are being financed. The proper wants of the members are beipg financed by the co-operative movement. Credit, better-living housing and arbitration are the kinds of societies specially required in the urban areas. These will save the producers from losing the real profit which goes to the middle-men. A few Saraogi firms practice indigenous banking, and money- lending is done by different communities mentioned elsewhere. They do hundi business and have also got shops of cloth and grain in which they deal.