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Last year of Shmita was 2007. Next year of Shmita begins in Sept. 2014. Fact two: Year of Jubilee happens in 50 year cycles, following the 7th year of Shmita. In Jubilee, all debts are supposed to be cancelled, all land is supposed to be returned to its original owner. Liberty is proclaimed throughout the land.
Sri Yukteswar addressed the discrepancy between his 24,000 cycle and the traditional Indian cycle in The Holy Science. He said that toward the end of descending Dwapara Yuga (roughly 900 to 700 B.C.) errors had crept into the Indian almanacs that were used to calculate the length of the yugas.