The Reserve Bank of India (RBI) on Monday cleared Rs 24,773.11 crore of cash credit limit till April-end this year for the procurement of wheat in Punjab during the upcoming rabi crop marketing season, a state government statement said on Monday.
Punjab Chief Minister Bhagwant Mann said that the timely release of Cash Credit Limit (CCL) will go a long way in ensuring seamless procurement of wheat in the state, the statement said.
With this, the bulk of the CCL sought by the state government for the purchase of 132 lakh tonnes of wheat for this season has been released by the central bank, it said.
Mann has directed the food and civil supplies department to ensure smooth and hassle-free procurement of crops from the farmers and make payments to them from April 1, the very first day of procurement.
The procurement of wheat for this season will continue till May 31. The Punjab government will procure every single grain produced by farmers, Mann said in a tweet.
The Central government has fixed the minimum support price of wheat at Rs 2,015 per quintal.
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