RBI EXTENDS CCL LIMIT FOR PUNJAB WHEAT PROCUREMENT TILL MAY END

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RBI EXTENDS CCL LIMIT FOR PUNJAB WHEAT PROCUREMENT TILL MAY END

  • STATE GOVT. RELEASES RECORD PAYMENT OF RS. 16166.69 CR TO FARMERS

Chandigarh, May 3:

Following Chief Minister Captain Amarinder Singh’s personal efforts, the Reserve Bank of India (RBI) on Thursday extended the Cash Credit Limit (CCL) of Rs. 3054.75 crore up to May 31, 2018 for the ongoing wheat procurement season in Punjab, during which the state government has made record payment of Rs. 16,166.69 crores to farmers till May 2.

According to an official spokesperson, the RBI has accorded extension, till the end of May, in the already sanctioned limit of Rs. 18124.85 crore, which was authorized earlier for the month of April 2018. The extension for procurement of wheat, under new account no II during Rabi Marketing Season (RMS) 2018, is subject to the state government ensuring that all its food credit accounts were always backed by fully paid stock value as per norms.

            The spokesperson further disclosed that acting on the directives of the Chief Minister, the state procurement agencies were making prompt payments to the farmers to protect them from any inconvenience on this count.

            A total payment of Rs. 16166.69 crore has already been made so far to the farmers, said the spokesperson, adding that the total procurement of wheat this season currently stands at 118.56 Lakh Metric Tonne (LMT). Of this, 118.08 LMT had been purchased by the state procurement agencies till May 2, 2018, and 83.46 LMT had already been lifted from the mandis.

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