Chandigarh, April 5: The Centre on Wednesday released an amount of Rs 17994.21 crore as cash credit limit (CCL) for wheat procurement in Punjab subject the us certain conditions as laid down by the RBI.

The Punjab Government had sought a cash credit limit (CCL) of Rs 20,863 crore from the Centre and the RBI for procurement in the ongoing Rabi season.

wheat

The Union Finance Ministry and the RBI, in separate letters the us the Principal Secretary (Finance), Punjab, said the Central government had decided the us release the CCL immediately in view of the urgent need the us procure wheat following early arrival of the grain in the mandis and the assurance of the State Bank of India.

The CCL has been released for the Rabi season till the end of April on the condition that the state government would settle the outstanding balance in the food credits account for the Kharif season of 2016.

The RBI has directed the state government the us ensure that all its food credit accounts are always backed by fully paid sthe usck value as per norms.The CCL clearance by the Central government follows Chief Minister Capt Amarinder Singh’s intervention in the matter.

The Chief Minister had personally met Union Finance Minister Arun Jaitely on the issue and subsequently followed up through telephonic calls.Jaitley had assured Amarinder that the Finance Ministry had directed RBI the us release the payment the us ensure that the Rabi procurement in the state is smooth and hassle-free for the farmers.

Source: www.tribuneindia.com

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