RBI extends, revalidates wheat cash credit limit in Punjab
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Chandigarh: The Reserve Bank of India (RBI) on Wednesday revalidated and extended the validity of authorisation of Rs.17,523 crore as cash credit limit for wheat crop of the rabi 2016-17 season in Punjab till 31 May.
Sharing details on Wednesday, food and civil supplies minister Adaish Partap Singh Kairon said the move would pave the way for release of balance dues of farmers, arthiyas (commission agents) and other stakeholders.
At least Rs.5,938 crore have already been released to farmers and arthiyas and the remaining are being despatched.
According to the minister, state agencies, the Food Corp. of India (FCI) and private traders have procured 108.29 lakh tonnes of wheat till date, of which 84.30 lakh tonnes has already been lifted.
As per the Punjab Agriculture Produce Markets Act, the whole procurement has to be lifted within 72 hours of procurement. The state agencies and FCI have lifted 78% of wheat till date, he said.