Former Central Information Commissioner Shailesh Gandhi in his facebook-post has made shocking revelation; said to have been obtained under RTI Act and, published in social media that every year from 2010 to 2016 about 700 people were given total agricultural-loans of about 60,000 crores every year, with an average of about rupees 90 crores per individual every year, on a highly subsidized nominal rate of just four-percent per annum. This is just a mockery of the economy where ultra-rich are getting tax-exemptions in the name of income from agriculture. It may not be surprising if some of these might have availed loan-waivers granted in name of agricultural loans.
There must be a limit of loans sanctioned by banks in name of agricultural loans so that only really needy poor farmers may take advantage of heavy subsidy on interest-rates. Moreover, to avoid whitening of black money in name of tax-free agricultural income, provision of tax-exemption on agricultural income should have some limit of say rupees five lakhs that too when total income declared may not exceed rupees ten lakhs in a year.