PUNJAB CABINET DECIDES TO PURSUE CCL ISSUE WITH CENTRE, RBI, SBI

APPROVES SUPPLEMENTARY GRANTS, VOTE-ON-ACCOUNT FOR PRESENTATION BEFORE ASSEMBLY
Chandigarh, March 27, 2017: The Punjab Cabinet on Monday decided to take up the matter of settlement of the legacy accounts regarding the pending Cash Credit Limit (CCL) with the Government of India, along with RBI and SBI, on priority basis.

A decision to this effect was taken here at a cabinet meeting chaired by Chief Minister Captain Amarinder Singh.

The meeting decided to take up the CCL issue with the central government as well as the Reserve Bank of India (RBI) and the State Bank of India (SBI), in larger public interest and in view of the state’s financial situation.

Disclosing this after the meeting, an official spokesperson said the Punjab government, which has inherited a huge debt legacy from the previous Akali government, will actively pursue the issue with the Centre. It may be recalled that the Chief Minister had last week met Union Finance Minister Arun Jaitely to seek immediate authorization and release of Rs. 20,683 crore CCL from the central government for smooth and timely wheat procurement in the state. The procurement of wheat in the state is slated to commence on April 1.

At its meeting on Monday, the state Cabinet also approved supplementary grants for the year 2016-17 to be presented before the state assembly during the ongoing session. The Cabinet also cleared the proposal for seeking Vote-on-Account for 2017-18 in the Vidhan Sabha.

The supplementary grants and Vote-on-Account are scheduled to be presented before the House on March 29.