RBI sanctions Rs 21K crore: Punjab gets CCL for wheat procurement

RBI sanctions Rs 21K crore: Punjab gets CCL for wheat procurement

Ahead of the wheat procurement that starts from April 10 in the state, the Reserve Bank of India (RBI) on Monday cleared a sum of Rs 21,658.73 crore towards Cash Credit Limit (CCL) up to end April, 2021 for the procurement of wheat in Punjab.

The state has got the CCL amid a row between the Centre and state over Direct Benefit Transfer of payment for the procurement grains to farmers instead of arhtiyas. With this, the bulk of the CCL sought by the state government for the purchase of 105.60 lakh tonnes of wheat for this season has been released by the central bank.

The release of the CCL would facilitate the state government in making timely payments to farmers against purchases of foodgrains in the current season, which would begin from April 10 and culminate on May 31, according to an official spokesperson.

The Central government has fixed the Minimum Support Price (MSP) of wheat at Rs 1975 per quintal, hiking it by Rs 50 from last year’s Rs 1925 per quintal.

Meanwhile, Chief Minister Amarinder Singh has directed the Food & Civil Supplies Department to ensure that the farmers do not face any hassles in the procurement of their produce especially amid Covid-19 pandemic.

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