Finance
In a significant relief to street vendors across Odisha, the State Government has waived stamp duty on hypothecation agreements made under all three loan tranches of the Pradhan Mantri Street Vendors’ AtmaNirbhar Nidhi (PM SVANidhi) Scheme.
Dr. Arabinda Kumar Padhee, Additional Chief Secretary to the Revenue and Disaster Management Department, communicated the decision in an official order issued on June 16. The Government has remitted the whole stamp duty payable to hypothecation agreements tied to loans sanctioned under the flagship microcredit plan, using its powers under Section 9(1)(a) of the Indian Stamp Act, 1899.
The move is expected to provide significant financial relief to thousands of street vendors seeking institutional credit under the PM SVANidhi programme. By removing stamp duty charges, the State Government aims to make access to formal credit more affordable and hassle-free for beneficiaries.
“No. RDM-Reg-STAMP-0006-2020-25188 /R&DM, in exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (2 of 1899), the State Government hereby remits the stamp duty in respect of instruments as specified in column (1) of the Schedule below to the extent specified in column (2) thereof,” the order stated.
The Central Government introduced the PM SVANidhi Scheme, which offers street vendors with collateral-free working capital loans to assist them restart and expand their businesses. Officials expect the latest exception to lower borrowing costs and streamline procedural restrictions, enhancing access to institutional finance.
The State Government hopes that by eliminating stamp duty charges, it would increase financial inclusion and encourage more street sellers to participate in formal financing channels.
According to Chief Minister Mohan Charan Majhi, the decision will make credit more accessible, lower borrowing rates, and help street sellers achieve self-sufficiency and economic progress.
Deputy Chief Minister Kanak Vardhan Singh Deo described it as “a decisive stride towards empowering Odisha’s street vendors and small entrepreneurs,” while Deputy Chief Minister Pravati Parida termed it “a major step towards empowerment of street vendors and small entrepreneurs.”
