Amendment status not verified — confirm the current text below against the official source.
Repeal of Karnataka Ordinances Nos. 15 of 1975, 19 of 1975 and 21 of 1975. Summary of Amendments STATEMENTS OF OBJECTS AND REASONS I Act 25 of 1976.- The poblem of Urban and Rural indebtedness from sources other than Government and institutional agencies has assumed serious dimension in recent time. One of the factor responsible being the tightness in the money market. Exhorbitant rates of interest are being charged and mal-practices are being indulged. Agriculturists with small holding, landless agricultural labourers and the weaker sections of the community have all been exploited. The State Government, thereof, considered it necessary to provide adequate relief to the said categories. This is consitent with the 20point programme announced by the Prime Minister also. Hence the Karnataka Debt Relif Ordinance, 1975 was issued declaring that debts owed by the aforesaid catagories stood discharged. The Bill is to replace the said Ordinance. (Published in the Karnataka Gazette Part IV- 2A dated 22-1-1976 at page 54.) II Amending Act 63 of 1976.- With the operation of the Debt Relief Act the work of the Sub-Diviosion Magistrates has increased manifold and they are finding it difficult to cope with the work of the disposal of applications after undergoing all formalities. It is therefore felt necessay that not only to give relief but also to ensure expeditious disposal of the cases and thus reaching the benifits of the Act to the weaker sections, it was found necessary to press in the service of Executive Magistrtes in the implementation of the Act. Hence the Executive Magistrates, as may be authorised by State Government, are also empowered to administer the Act and give relief to the weaker sections as are available under the provisions of the Act. Hence the Bill. (Published in the Karnataka Gazette (Extraordinay) Part IV- 2A dated 8-11-1976 as NO. 4428 at page 3.) 2 KARNATAKA ACT NO. 25 OF 1976 (First published in the Karnataka Gazette Extraordinary on the Thirteenth day of March 1976) THE KARNATAKA DEBT RELIEF ACT, 1976 (Received the assent of the President on the Twelfth day of March, 1976) (As Amended by Act 63 of 1976) An Act to provide relief from indebtedness to small farmers, landless agricultural labourers and weaker sections of the people in the State of Karnataka. WHEREAS it is expedient to provide relief from indebtedness to small farmers, landless agricultural labourers and weaker sections of the people in the State of Karnataka; BE it enacted by the Karnataka State Legislature in the Twenty-seventh Year of the Republic of India as follows:-