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 validity of a Rs 17,523 crore authorisation as cash credit limit (CCL) for wheat crop of the rabi 2016-17 season in Punjab till May 31.

Sharing details here 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.

It may be recalled that Rs 5,938 crore has already been released to farmers and commission agents and the remaining is being despatched.

According to the minister, state agencies, FCI and private traders have procured 108.29 lakh mt of wheat till date, of which 84.30 lakh mt 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 per cent of wheat till date, he said.