Bhubaneswar: In a major relief for street vendors across Odisha, the State Government has waived the stamp duty payable on hypothecation agreements executed under all three loan tranches of the Pradhan Mantri Street Vendors’ AtmaNirbhar Nidhi (PM SVANidhi) Scheme.
The decision was notified by Dr. Arabinda Kumar Padhee, Additional Chief Secretary to the Revenue and Disaster Management Department, through an official order issued on June 16. Exercising powers under Section 9(1)(a) of the Indian Stamp Act, 1899, the Government has remitted the entire stamp duty applicable to hypothecation agreements linked to loans sanctioned under the flagship micro-credit scheme.
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 PM SVANidhi Scheme, launched by the Central Government, provides collateral-free working capital loans to street vendors to help them revive and expand their businesses. Officials said the latest exemption is expected to reduce the cost of borrowing and simplify procedural requirements, thereby improving access to institutional credit.
By removing stamp duty charges, the State Government aims to enhance financial inclusion and encourage greater participation of street vendors in formal lending channels.
Chief Minister Mohan Charan Majhi said the decision would ease access to credit, reduce borrowing costs, and support street vendors in their journey towards self-reliance and economic growth.
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.”
