RBI releases cash credit limit of Rs 14640 crore for procurement of food grains, as Punjab all set for wheat procurement

Chandigarh, April 1, 2015: The Reserve Bank of India today sanctioned cash credit limit of Rs. 14640 Crore for the ensuing procurement of the food grains in Punjab setting in motion the procurement process for Rabi Marketing Season 2015.

Disclosing this here today a spokesman of the government said that the procurement was to begin of April 1 but due to inclement weather conditions and expecting another spell of unseasonal rains the procurement could be delayed and expected to take place around April 15. On the pursuance of the Food and Supplies Minister Adaish Pratap Singh Kairon, the Finance Minister released the first installment of the Cash Credit Limit He has also assured to release funds further as and when procurement during Rabbi Marketing season begins.

Meanwhile all arrangements have been made by the state government for smooth procuring of 125 Lakh MT of wheat as the target fixed.

According to the spokesperson, Kairon who met the Union Minister Ram Bilas Paswan at Chandigarh last evening put forth a demand of a special financial package for the Punjab farmers for their crop loss in the recent heavy rains and hail storms.

Assuring to stand with farmers of wheat bowl of country in this hour of distress, Paswan also assured to relax moisture and colour norms for procurement of wheat after assessing the situation on arrival of wheat in the mandis.