Registration of Equitable Mortgage at nominal stamp duty -
Summary of Decision / Action Points
In the 73rd SLBC meeting the Commissioner/Secretary Finance, J&K Govt., stated that they are in dialogue with the Law Department who are of the opinion that the Equitable Mortgage does not have to be registered under the Section 59 of the transfer of Property Act. He informed the house that he has held meetings with the Law Secretary & the Revenue Secretary in this regard and is waiting for the formal clearance from Revenue Secretary.
Primary Responsiablity
Commissioner/ Secretary (Finance), J&K Government
Action Taken (progress) as reported
to SLBC
In the 81st SLBC meeting the Commissioner Secretary Finance, J&K Govt. stated that the government has moved forward on the issue and a provision has been made in the Stamp Act Section 58-F (Article 6). He informed that the State Legislature passed the said amendment to the Act in the last budget session and now the government is in process of issuing the notification. He also informed that the government had studied the pattern in vogue in other States and found that 6 States of the country have already implemented this and copies of notifications had been obtained. He further stated that the rates that have been made applicable in those States range from 0.1% to 0.5%.
Status
Rolled over to next SLBC meeting.
2) Decision/Action Point [73 (b)]
Date of SLBC
18.06.2008
Agenda Point
Legislating SARFAESI Act.
Summary of Decision / Action Points
On the suggestion of Commissioner/Secretary Finance a small committee was set up to draft the legislation on the pattern of SARFAESI Act under the Chairmanship of Principal Secretary, Law J&K Govt., with Commissioner Secretary (Revenue) and Mr. Ajit Singh, President / CRO, J&K Bank, as its members.
Primary Responsiablity
J&K Government
Action Taken (progress) as reported
to SLBC
In the 81st SLBC meeting Commissioner Secretary Finance, J&K Govt. stated that the issue is present sub-judice and that he had requested the learned Advocate General to make all possible efforts to get the issue resolved in the Court. He further stated that on the parallel track the Chief Secretary has taken up the issue with Central Government suggesting them certain steps that are required to be taken on the part of both the State Govt. as well as Central Government. He stated that nobody undermines the requirement of this Act being in place in the State, but whether the Central Act itself or some arrangement from within the constitutional provisions of the State - was the point being debated. He expressedthe hope that with the intervention of Chief Secretary the issue will be resolved very soon.
Status
Rolled over to next SLBC meeting.
3) Decision/Action Point [75 (a)]
Date of SLBC
22.04.2009
Agenda Point
Setting up of RSETIs in all the districts of J&K State.
Summary of Decision / Action Points
It was resolved that J&K Bank having lead bank responsibility in 12 districts and SBI having lead bank responsibility in 10 districts shall establish the RSETIs at district levels in their respective lead districts as per the GoI, MoRD guidelines and approach the government for allotment of land. It was also resolved that in terms of GoI guidelines the State Level Streering Committee should be constituted immediately.
Primary Responsiablity
J&K Bank/ SBI / J&K Government
Action Taken (progress) as reported
to SLBC
J&K Bank has operationalized its first RSETI in district Baramulla on 14.2.2011. Two more RSETIs in district Anantnag and District Pulwama are likely to be operationalized soon. State Bank of India has set up 5 RSETIs so far, in District Udhampur, Samba, Reasi, Kathua and Jammu. In the 81st J&K SLBC meeting both the lead banks were advised to go ahead with setting up of RSETIs in their respective lead districts and ensure that by the end of July, 2011 all the 22 RSETIs are functional from a capacity building and training angle. Allotment of Land by State Government: Though State Government has identified land in various districts, but formally land has not been allotted to any of the RSETIs. In the 81st SLBC meeting the Chief Secretary assured to look into the matter personally to sort out the issue.
Status
Rolled over to next SLBC meeting
4) Decision/Action Point [76 (a)]
Date of SLBC
30.07.2009
Agenda Point
Creation of Central Registry in J&K State
Summary of Decision / Action Points
J&K Government assured to examine the issue for implementation.In the 79th SLBC meeting Special Secretary Finance had stated that in case SLBC finds it necessary to have a Central Registering Authority in the State, then the State Law may have to be amended as there is no provision in the law for that.
Primary Responsiablity
Commissioner/ Secretary (Finance), J&K Government
Action Taken (progress) as reported
to SLBC
In 81st SLBC meeting Commissioner/Secretary Finance informed the house that Central Government has already come out with a Cell on this issue, which was operational from 31st March 2011. Reminding the house that last year the government had convened a meeting with the Law Secretary and with J&K Bank on the subject he stated that perhaps the government would need to convene one more meeting to take a final call. Since the SARFAESI Act is not functional at the moment in J&K State, the government had to workout the modalities as to how to put this mechanism in place here. He expressed optimism that within a month’s time government should be able to decide on the issue.
Status
Rolled over to next SLBC meeting
5) Decision/Action Point [77.09]
Date of SLBC
20.10.2009
Agenda Point
Opening of bank branches in five un-banked blocks of J&K State.
Summary of Decision / Action Points
It was decided that J&K Grameen Bank will open branches in Block Duggan (district Kathua), Ellaquai Dehati Bank in Block Gundana (district Doda) and J&K Bank will open branches in the remaining three un-banked blocks of Pehloo (Kulgam), Nagsani and Wadwan (district Kishtwar). All these banks were advised to ensure that new bank branches are opened in the respective un-banked blocks by the end of December 2009 without merging the issue with the normal bank expansion plans.
Primary Responsiablity
J&K Bank/ J&K Grameen Bank/ Ellaquai Dehati Bank
Action Taken (progress) as reported
to SLBC
J&K SLBC in its 81st meeting was informed that all 5 identified un-banked blocks, viz. Block Duggan (Kathua), Block Gundana (Doda), Block Pahloo (Kulgam), Block Nagseni and Block Wadwan (Kishtwar) stand already covered by opening of new bank branches by the concerned banks to whom these were allocated. It was also informed that henceforth J&K SLBC would focus and prioritize planning to address the under-banked blocks of the State. President, J&K Bank informed the house that RBI has declared 4 districts of Anantnag, Kupwara, Doda and Poonch as under-banked. Accordingly, J&K Bank has planned this year to add almost 149 branches mostly in these under-banked districts, as the requirement is that 33% of new branch expansion of the Bank should go to the under-banked districts
Status
Issue of un-banked blocks stands closed. But the issue of under-banked blocks rolled over to next SLBC
6) Decision/Action Point [79 (a)]
Date of SLBC
20.05.2010
Agenda Point
Constraints/ impeders faced by the banks in implementation of the KCC Scheme in J&K State
Summary of Decision / Action Points
It was decided to form a Sub-group of SLBC under the Chairmanship of Principal Secretary, Agriculture Production Department, J&K Government, involving some major banks operating in the State to workout a strategy for coverage of the identified blocks under KCC Scheme, so as to ensure that gradually the entire State of Jammu & Kashmir is covered under KCC Scheme
Primary Responsiablity
Agriculture Production Deptt., J&K Govt./ concerned banks / NABARD
Action Taken (progress) as reported
to SLBC
The first meeting of Sub-group was held on 1.12.2010 at Jammu, wherein the blocks identified by Agriculture Production Deptt. for 100% coverage of farming community for availing benefits of KCC Scheme, were allocated to various banks operating in J&K State for implementation. Said allocation has been already conveyed vide SLBC Secretariat letter No. LBD/SLBC/KCC/2010-687dated 6.12.2010 to all concerned banks for implementation of the programme. Progress reported of all concerned banks as of 31.03.2011 was placed before 81st SLBC meeting. In the said SLBC meeting, the Chairman observed that by all standards the performance of banks as of 31.03.2011 was very poor. He desired that first the figures of bankers' performance viz-a-viz figures of Agriculture Production Deptt. be reconciled. Thereafter NABARD should arrangea joint meeting of bankers and officers from the APD to sort out the difficulties faced in the matter.
Status
Rolled over to next SLBC meeting
7) Decision/Action Point [80.01]
Date of SLBC
22.12.2010
Agenda Point
Credit to Priority Sector in J&K State as at end of September 2010
Summary of Decision / Action Points
The house was informed that interest subvension of 3% available to public sector commercial banks for credit dispensation under Agriculture Sector is not being extended to J&K Bank. Commissioner/Secretary Finance informed that Hon'ble Finance Minister has already taken up the issue with GoI. The Regional Director, RBI suggested that a case will have to be made out by J&K SLBC for euating J&K Bank at par with Public Sector Banks
Primary Responsiablity
J&K Bank / SLBC Secretariat
Action Taken (progress) as reported
to SLBC
SLBC Secretariat has already made the recommendations to RBI vide No. LBD/SLBC/80/FU/2011-863 dated March 1, 2011 endorsing the request of J&K Bank submitted to RBI. In the 81st SLBC meeting the Chairman informed the house that RBI has advised that it was in the domain of Central Government to consider this issue and that J&K Bank had been already advised to take up the matter with GoI. The Chief Secretary advised that details of communication sent to GoI, MoF in the matter be provided to Commissioner/ Secretary (Finance), J&K Govt. so that the State Govt. at its level takes up the issue with the GoI for resolution of the same.
Status
Rolled over to next SLBC meeting
8) Decision/Action Point [80.02]
Date of SLBC
22.12.2010
Agenda Point
Performance under Handicrafts/ Handloom as at the end of September 2010.
Summary of Decision / Action Points
The house was informed that Handicrafts/ Handlooms schemes have a major deficiency that these are not properly incentivized. Having only interest subsidy element of 5%, these schemes are not attractive for the beneficiaries. The government was requested to relook at these schemes and dovetail these with some margins and subsidy element for capital part.
Primary Responsiablity
Handicrafts Department, J&K Government.
Action Taken (progress) as reported
to SLBC
The Director, Handicrafts Department informed the house that government has already received a number of recommendations on this account which are under consideration of the government. He assured that progress on this account would be reported to SLBC in its next meeting. No progress was reported to the house in the 81st SLBC meeting.
Status
Rolled over to next SLBC meeting
9) Decision/Action Point [80.16]
Date of SLBC
22.12.2010
Agenda Point
Central Scheme to provide interest subsidy for the period of moratorium on educational loans - notifying the authority to issue income certificates.
Summary of Decision / Action Points
In 81st SLBC meeting Commissioner/Secretary Finance informed the house that Hon'ble Finance Minister in consultation with Revenue Department had finalized the nomination of Sub-Divisional Magistrate (SDM) to issue income certificates to candidates seeking educational loans under the Scheme and wherever post of SDM is not existing, Tehsildar of the area concerned, shall issue income certificates. He assured that government would issue notification within a week's time.
Primary Responsiablity
J&K Government, Finance Department/ Revenue Department
Action Taken (progress) as reported
to SLBC
Finance Department, J&K Government has issued an Order vide No.150-FD of 2011 dated 31.05.2011 nominating Sub Divisional Magistrate (SDM) but not below the rank of Tehsildar(where SDM does not exist) to be the competent authority to issue the income certificates in favour of concerned students. The said Government Order has been already circulated among all the member banks operating in J&K State for information and necessary action.
Status
Action Point closed.
10) Decision/Action Point [80-a]
Date of SLBC
22.12.2010
Agenda Point
Constitution of Working Group to workout enhanced credit flow to Agriculture Sector.
Summary of Decision / Action Points
Hon’ble Finance Minister in his address commented that excessive lending to housing sector was in a way prioritizing housing sector within priority sector at the cost of agriculture and micro credit sectors. As such, he suggested constitution of the Working to workout enhanced credit flow to Agriculture Sector in J&K State.
Primary Responsiablity
Agriculture Production Deptt., J&K Govt.
Action Taken (progress) as reported
to SLBC
Govt. of J&K, Agriculture Production Deptt. vide Govt. Order No.192-Agri.of 2011 dated 29.06.2011 has accorded sanction to constitution of a working group under Chairmanship of Principal Secretary, Agri. Production Department.
Status
Working Group stands constituted. For further course of action, the issue rolled over to next SLBC
11) Decision/Action Point [80-b]
Date of SLBC
22.12.2010
Agenda Point
Special Regulatory Treatment on Asset Classification of Restructured Accounts in J&K.
Summary of Decision / Action Points
In the 80th SLBC meeting the Chairman stated that matter regarding slippage of accounts to NPAs due to non-condusive environment in the valley should be taken up with RBI and the State Govt. for consideration.
Primary Responsiablity
J&K Bank
Action Taken (progress) as reported
to SLBC
J&K Bank had submitted a proposal in the matter to RBI for consideration. But in 81st SLBC meeting it was informed that RBI has advised that the issue should be resolved in the light of Para 52 of RBI Master Circular bearing RPCd.No. PLFS.BC.1/05.04.02/2010-11 dated 01.07.2010, which laid down guidelines for extending rehabilitation assistance to the riot/ disturbance affected persons duly identified by State Administration. Accordingly, it was decided that the RBI Circular under reference be circulated among all the member banks for guidance.
Status
RBI Circular under reference has been already circulated among all member banks for guidance. Action Points stands closed.
12) Decision/Action Point [81-a]
Date of SLBC
16.05.2011
Agenda Point
Sub-Committee of J&K SLBC on Relaxation to Trade & Industry in J&K State
Summary of Decision / Action Points
The Sub-Committee of SLBC on Relaxation to Trade & Industry in J&K State in its meeting held on 22.3.2011 had recommended for continuance or the relaxations/ concessions to trade and industry in J&K State for a period of further two years w.e.f. 31.3.2011
Primary Responsiablity
Reserve Bank of India
Action Taken (progress) as reported
to SLBC
In the 81st SLBC meeting the Chairman informed the house that recommendations of Sub-Committee of SLBC for continuance or the relaxations/ concessions to trade and industry in J&K State for a period of further two years have been already forwarded to RBI but the directive from RBI is awaited. RBI has been reminded on 16.7.2011 to consider the issue.
Status
Rolled over to next SLBC meeting
13) Decision/Action Point [81.02]
Date of SLBC
16.05.2011
Agenda Point
Credit under Govt. Sponsored Schemes
Summary of Decision / Action Points
Chief Secretary emphasized the need for releasing margin money/ subsidy to match with corresponding targets fixed under ACP in advance for a particular year otherwise these targets could never be achieved. He advised that after the targets are received from field level the matter should be taken up with Finance Deptt. for providing required amount of money to meet financial requirements of margin money and subsidy corresponding to number of cases fixed under ACP. For PMEGP the Chief Secretary directed that matter should be taken up by concerned with GoI with the request that for accomplishment of targets further funds be sanctioned and released to meet the needed shortfall for margin money/ subsidy.
Primary Responsiablity
Concerned Government Sponsoring Agencies / Finance Deptt, J&K Govt.
Action Taken (progress) as reported
to SLBC
Minutes of 81st SLBC meeting stand circulated to all concerned for desired action on respective action points pertaining to them.
Status
Rolled over to next SLBC meeting
14) Decision/Action Point [81.09]
Date of SLBC
16.05.2011
Agenda Point
Interest Subsidy Scheme for Housing Urban Poor (ISHUP)
Summary of Decision / Action Points
In the 81 SLBC meeting house was informed that main reason for nil performance under the Scheme was that the State Urban Development Agency (SUDA) nominated by the State Govt. as the sponsoring agency for the Scheme has not so far organized to sponsor a single case to banks. The Chief Secretary advised that Housing & Urban Development Deptt. under which SUDA comes, will look into the issue and ascertain why cases under the Scheme are not been sponsored to banks.
Primary Responsiablity
Commissioner/ Secretary, Urban Development Deptt., J&K Govt.
Action Taken (progress) as reported
to SLBC
Housing & Urban Development Department, J&K Govt. has been reminded vide letter dated 16.07.2011 to take necessary action in the matter.
Status
Rolled over to next SLBC meeting
15) Decision/Action Point [81.11]
Date of SLBC
16.05.2011
Agenda Point
Preparation of Annual Action Plan (ACP)
Summary of Decision / Action Points
The house observed that the ACP for FY 2011-12 at Rs.3,472 Crore was not adequate and realistic in the light of fct that achievement during the last year FY (2010-11) already stood at Rs.3,049 Crore and therefore no desirable increase has been envisaged in the ACP. After threadbare discussions it was decided to prepare a revised Annual Action Plan for FY 2011-12 after applying 10% increase across the board.
Primary Responsiablity
SLBC Secretariat / All Lead District Managers in J&K State
Action Taken (progress) as reported
to SLBC
SLBC Secretariat has already taken necessary action in the matter.
Status
Except LDM for Districts Udhampur and Ramban, all other LDMs have submitted the revised ACP for FY 2011-12.
16) Decision/Action Point [81.11]
Date of SLBC
16.05.2011
Agenda Point
Preparation of Annual Action Plan (ACP)
Summary of Decision / Action Points
The house observed that the ACP for FY 2011-12 at Rs.3,472 Crore was not adequate and realistic in the light of fct that achievement during the last year FY (2010-11) already stood at Rs.3,049 Crore and therefore no desirable increase has been envisaged in the ACP. After threadbare discussions it was decided to prepare a revised Annual Action Plan for FY 2011-12 after applying 10% increase across the board.
Primary Responsiablity
SLBC Secretariat / All Lead District Managers in J&K State
Action Taken (progress) as reported
to SLBC
SLBC Secretariat has already taken necessary action in the matter.
Status
Except LDM for Districts Udhampur and Ramban, all other LDMs have submitted the revised ACP for FY 2011-12.
