The Maharashtra government has begun the new year by announcing a major relief for farmers across the state. The state cabinet has decided to completely waive stamp duty on all legal documents related to agricultural and crop loans up to ₹2 lakh. This move is expected to significantly reduce the financial burden on farmers and make the crop loan process simpler and more accessible.
Sharing the details, Revenue Minister Shri Chandrashekhar Bawankule stated that the stamp duty exemption has come into effect from January 1 and is applicable across the entire state. The decision has been taken with the objective of ensuring easy access to credit for farmers and encouraging greater investment in agriculture.
The Revenue Minister said that this farmer-friendly decision reflects the visionary and pro-farmer approach of Chief Minister Shri Devendra Fadnavis. With the removal of stamp duty, farmers will save on loan-related expenses. The money saved can be invested in quality seeds, fertilizers, modern farming technologies, and other essential agricultural inputs, leading to higher productivity and better farm outcomes.
Earlier, farmers were required to pay stamp duty at the rate of 0.3 percent per ₹1 lakh on crop loans. As a result, a loan of ₹2 lakh attracted a stamp duty of around ₹600. With the complete waiver now in place, the overall cost of borrowing will come down, making agricultural loans more affordable and farmer-friendly.
According to the government gazette notification issued by the Revenue and Forest Department on January 1, no stamp duty will be charged on all mandatory legal documents for agricultural and crop loans up to ₹2 lakh. These include title deeds, deposit deeds, mortgage and pledge documents, guarantee papers, mortgage deeds, and loan agreements.
The decision will be applicable statewide and will be binding on all nationalised banks, cooperative banks, cooperative institutions, and other lending agencies. The government expects that the removal of stamp duty will make the crop loan process faster, more transparent, and farmer-friendly.
Strengthening Agriculture and the Rural Economy: The state government believes that this pro-farmer initiative will not only strengthen the agricultural sector but also play a key role in increasing farmers’ income and boosting the rural economy. The Maharashtra government’s decision is being seen as a significant and long-term step towards farmer empowerment and sustainable agricultural growth.
FAQs:
Q1. From when is the stamp duty waiver applicable?
The waiver is applicable from January 1 across Maharashtra.
Q2. What is the maximum loan amount eligible for the waiver?
Agricultural and crop loans up to ₹2 lakh are eligible.
Q3. Which documents are covered under this exemption?
Loan agreements, mortgage deeds, title deeds, pledge and guarantee documents.
Q4. Is the waiver applicable to all banks?
Yes, it applies to nationalised, cooperative banks and lending institutions.
Q5. How will farmers benefit from this decision?
Farmers will get cheaper loans, faster processing, and more funds for farming inputs.
