TN constitutes special teams for scrutiny of gold loans

After Chief Minister M.K. Stalin announced that all eligible gold loans up to 5 sovereigns would be waived, the registrar of cooperative societies has directed scrutiny of all gold loans. Special teams have been constituted to study the continuity of the gold that was pledged for taking loans.

The registrar of cooperative in communication on September 24 called upon the Managing director of Central Cooperative Bank, Chennai, and all other regional registrars and other officials to submit the report after scrutiny by November 15.

This was following reports that misappropriations have taken place in providing these gold loans and hence has led to scrutiny.

A committee comprising Joint registrars would decide on the number of appraisers required for the scrutiny of gold ornaments. The reports of the scrutiny have to be submitted by November 15 at the regional registrars of cooperative societies.


The regional joint registrars would take a compiled report on all the cooperative societies and submit it to the Registrar of cooperatives by November 20.

Periyasamy. N., President, Vaigai cooperative society, Chennai while speaking to IANS said, "The scrutiny is necessary as there were several complaints from several quarters that misappropriations have taken place in the gold ornaments and hence once the loan waiver takes place it should be for genuine loans and not for spurious gold ornaments."

The loan waiver announced by the Chief Minister would bring in a commitment of Rs 6,000 crore to the state exchequer, according to the state finance expenditure department.


Registrar of cooperatives has received several complaints from across the state on fake gold ornaments being pledged for taking gold loans.- IANS