No relation at present exists with any joint stock bank, 2785.
Indigenous bankers have allowed cash credit to co-operative central banks. Defects are the following: — (1) Lack of understanding of the true principles of co-operation and their application by members. Co-operative societies are already exempted from income-tax.
The income-tax payable on interest on Government securities should also be exempted. Inclusion of debentures quick loans Nebraska issued by any co-operative institution, (provincial, central or mortgage bank) in the list of trustees securities is advocated. No information regarding indebtedness is forthcoming.
Following rates of interest are charged from the following: — (a) Trader, 6 per cent.
Q2 (5) Middle class people, by bankers, money-lenders and co-operativs societies. Expansion of co-operative activities is suggested for banking: facilities in urban area. The following industries exist in Beawar town excluding textile mills and factories. The movement is capable of meeting the financial needs of the classes. Great part is played in financing of foreign import trade of India by foreign Firms from the importing port to the distributing centres. Foreign firms charge commission as well as interest.
Commission is charged generally on an average rate of commodity. These can be removed by establishing a branch of a bank which has also got its branch at the exporting ports in India. I support the view that sometimes the grower of the produce in India does not get the full value of bis produce on account of the speculative buying and selling activities of firms and companies who Mr, Fateh Mchurned. On the contrary in case of cotton business the grower has been benefited by high prices at the time of harvests during last ten or twelve years, and the trader sustained losses.
Better return to the grower of produce in India can be insured by establishing banks in central places and to erect warehouses as in United States of America or on lines of Egyptian scheme. Mostly mahajans practise indigenous banking and money- lending.
Besides them zamindars do very little business of money- lending. He is land-proprietor by virtue of purchase and land-lord of the tenant cultivating his land. They do not invest in industrial shares nor do they keep deposits in industrial concerns. Monied people do banking individually with their own capital. They receive deposits and in case of emergency borrow loans too. With quick loans Nebraska the village money-lender they have relation of lender and receiver of deposits No facilities are given to these indigenous bankers by the Imperial Bank.
No no faxing loans Florida prejudice exists against the indigenous banters. Money-lenders about from 9 to 15 per cent, per ann um, Hone has failed since 1920. They have got capital to carry op business on limited scale.
They cannot meet all demands on account of inadequate capital. They maintain their credit, with great tact and Eecrecy about the amount of capital at their disposal. Supply bills facilitate remittance between provinces, of sums not less than Rs.
The establishing of a branch of a bank whose branches or head office may be at exporting ports, will he very useful. It can inspire confidence, if a consulting board of the branch is appointed from out of the local bankers which quick loans Nebraska will enable the banks to utilize the- local knowledge and experience of the bankers on that board.
At present business is suffering for want of banks to finance. No estimate can be made for this as no data is available. Gujar,—Mosar, purchase of she-buffaloes and cows, Mtihajam. Influence of the co-operative societies has been quick loans Nebraska the promotion of thrift, which is evidenced from the fact that total working capital of the movement which is over 40 lacs has been collected from the public as share capital and deposits. Owned capital of the movement is about 6 annas in a rupee. In 1919-20 it worked at 123 annas per head of population while in the Punjab it was 23 annas only. Very few carry on business of money-lending and that too on a limited scale.
They follow in the foot steps of village money-lenders as regards- terms. In prosperous years if there is a surplus yvith any zamindar quick loans Nebraska he will first of all try to purchase land. Co-operative mortgage banks and co-operative banks already exist in the places they are required. It is very difficult to estimate the existing indebtedness of the agricultural class as the agriculturists do not keep a record of their accounts on account of dearth of education and the money-lenders do not give an Louisiana payday advance accurate account of them even on enquiry. But from my personal experience made recently I daresay that the number of indebted agriculturists of Merwara exceeds that of Ajmere. As regards the purposes for which the debt was contradicted it is needless tc.
Among borrowers the number of persons owning less than an economic holding exceeds that of owning more than an economic holding. To remedy this evil of borrowing for wasteful and unproductive purposes and encouraging for productive purposes the following measures may help: — 1. Thorough preaching on wider scale of defects of one and advantages of the other. Expansion of the co-operative movement to the extent of at least one society per village. Co-operative quick loans Nebraska societies Money-lenders Kates of interest Methods of calculating charged.
It is seldom that agriculturists repay voluntarily. There are neither arbitration boards nor village panchayatt in this district of Ajmer-Merwara. Ratio of finance in kind to cash is 1: 4 As regards the rate of interest reply to question No. The rates of interest charged by the money-lenders are exorbitant and in several cases rather dreadful.