Punjab Chief Minister Amarinder Singh today ordered clearance of all pending paddy procurement payment to farmers within 48 hours, following enhancement of Cash Credit Limit (CCL) by the Reserve Bank.
The Chief Minister made it clear that no delay or laxity in this regard would be tolerated, an official spokesperson said.
The Chief Minister's directive came after RBI issued authorisation of CCL enhancement to Rs 33,800.22 crore for the procurement of paddy up to the end of November 2017, for the current Kharif marketing season.
A communique received by the State Principal Secretary Finance said RBI "accedes to the request of state government for enhancement of CCL with validity period up to November 30 for the procurement of Paddy under Kharif 2017-18..."
This is subject to the conditions that "outstandings would always be backed by fully-paid stocks valued as per norms, and funds herein authorised would be released by the State Bank of India after Punjab submits the letter of consent under Article 293 (3) of the Constitution of India, obtained from the Ministry of Finance, Government of India".
The Central government had in October sanctioned CCL worth Rs 28,262.84 crore for the procurement of paddy in the ongoing Kharif marketing season. PTI CHS ABM