The persistent and personal efforts of Chief Minister Captain Amarinder Singh on Thursday yielded CCL extension for Punjab up to November 30, 2019, for the ongoing paddy procurement season, in which the state government had made a record Rs. 16,721.23 crores payment to farmers till November 6.
The Reserve Bank of India (RBI) has extended the Cash Credit Limit (CCL) of Rs. 6623.46 crores, till the end of November. With this, the sanctioned limit of Rs. 26707.50 crore for October 2019 has been enhanced to Rs.33,330.96 crores upto November 30, according to an official spokesperson.
The extension for procurement of paddy, under new account no. IV during Kharif Marketing Season (KMS) 2019, is subject to the state government ensuring that SBI would release funds. These funds get authorized only after Government of Punjab submits the Letter of Consent under Article 293(3) of the Constitution of India, obtained from Ministry of Finance, Government of India, and subject to outstandings under all the food credit accounts to be always backed by fully paid stock valued as per norms plus receivable up to 10 days.
The spokesperson further disclosed that acting on the directives of the Chief Minister, the state procurement agencies were making prompt payments to the farmers. A total payment of Rs. 16721.23 crore has already been made so far to the farmers, said the spokesperson, adding that the total procurement of paddy this season currently stands at 135.88 Lakh Metric Tonnes (LMT). Of this, 134.97 LMT had been purchased by the state procurement agencies till November 6, 2019 and 116.64 LMT had already been lifted from the mandis.