Bhubaneswar, Jun 17: The Odisha government has announced a complete waiver of stamp duty on loan agreements sanctioned under the PM SVANidhi (Pradhan Mantri Street Vendors Atmanirbhar Nidhi) scheme, delivering a significant boost to street vendors across Odisha.

The decision, which was taken following a Cabinet resolution, was formalized through a notification issued by the Revenue and Disaster Management Department.

As per the order, stamp duty will not be levied on hypothecation agreements related to the first, second, and third loan tranches under the scheme. The waiver has been granted under the powers conferred by Section 9(1)(a) of the Indian Stamp Act, 1899.

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Officials explained that this move will significantly reduce the cost of borrowing for street vendors, making it easier for them to access formal banking channels. By removing the burden of stamp duty, the government aims to encourage more vendors to avail loans, thereby strengthening their livelihoods and promoting financial inclusion.

The PM SVANidhi scheme was launched by the central government in 2020 to support street vendors affected by the COVID‑19 pandemic. It provides collateral‑free working capital loans in three phases, enabling vendors to restart businesses and expand operations.

Odisha’s latest decision is expected to enhance the scheme’s reach and impact, ensuring that more beneficiaries can take advantage of the financial assistance.

Experts believe the waiver will not only help vendors save money but also boost confidence in formal credit systems. This, in turn, could lead to greater economic empowerment of small traders and contribute to the state’s broader development goals.