The Reserve Bank of India (RBI) on Wednesday revalidated and extended validity of `17,523 crore authorisation as cash credit limit (CCl) for wheat crop of the Rabi 2016-17 season in Punjab till May 31.
Punjab Food and Civil Supplies Minister Adaish Partap Singh Kairon, sharing details on Wednesday, said that the move would pave the way for release of balance dues of farmers, arthiyas (commission agents) and other stakeholders.
Acting swiftly after the validation and extension of the CCl for wheat till May 31 in Punjab, the Food and Civil Supplies Department also electronically disbursed payments worth ` 3248 crores to the accounts of the commission agents or the farmers for the wheat procured by them.
The Minister stated that the state agencies, the Food Corporation of India (FCI) and the 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.
Department’s spokesperson said that the total payment due for the wheat procured is ` 12,652 crore. “Out of which, payment worth ` 5,917.39 crore has already been made by the Government. And remaining payment is likely to be cleared in a couple of days,” said the spokesperson.
The procurement agencies have been directed to ensure prompt lifting and timely payment to the farmers.