Bodies urge for exemption of income tax, waiving loan
Source: Chronicle News Service
Imphal, February 10 2024:
Urging exemption of income tax and all forms of loan interest, Meetei (Meitei) Tribe Union (MTU), Meetei Students' Association, Awang Sekmai Advance Womens' Society and Manipur Meetei Pangal Welfare Organisation have jointly sent memorandum to Governor of Manipur, chief minister, chief secretary, RBI regional manager, union minister of finance, PMO and home affairs.
In the memorandum, they pointed out that all the economic activities in the state have been in complete halt due to the ethnic strife that broke out since May 3 and more than 70,000 people have been displaced and they have been deprived of all their sources of income and jobs.
Many business establishments such as shops, houses etc., were completely destroyed or burnt down.
There is extensive financial loss in all business sectors.
Only in agrarian sector (fisheries, veterinary, horticulture, Sericulture and Agriculture) more than Rs 700 crore has been lost so far now due to ethnic crisis.
The displaced people are staying at the temporary relief camps mostly organised and managed by civil organisations and government agencies.
Many of the displaced people who have availed loans from various banks and financial institutions are not in position to repay the loan (EMI) as their source of income is completely nil, they pointed out in the memorandum.
Considering the plights of the people and until the situation improves in Manipur, they urged to consider for exempting income tax payment from general public and waiving of loan for the loanees.
Further, if there is issues in waiving the whole loan amount, consideration may be made for extending the moratorium period of the loan for the displaced loanees.
In view of the hardships faced by the displaced people, they urged for providing a special financial package in the form of loan or grant so that the affected people may be able to recover from the financial crisis caused by the current ethnic violence.