Punjab govt enhances cash limit of PACS to Rs 1 lakh

The Punjab government has decided to enhance the cash limit of Primary Agricultural Cooperative Societies (PACS) for purchase of goods/stock from Rs 50,000 to Rs 1 lakh to enhance volume of business besides providing better goods and services to farmers at their doorsteps.
A decision to this effect was taken by Principal Secretary to Chief Minister and Financial Commissioner (Cooperation) S K Sandhu, while presiding over a review meeting, with the Presidents and Secretaries of PACS and milk producing cooperative societies here today, an official release said.
These societies were supplying consumer goods at the doorstep of farmers and the cooperative banks provide a limit of Rs 50,000 to the societies for the purchase of goods/stock.

"But as per the fresh decision, the societies could now be sanctioned Rs 1 lakh credit limit, if they so require, depending upon the average business done by the society during the last six months.
"It was also decided to give more autonomy to the cooperative societies to sell consumer products depending upon the local requirements," the release said.
It was also decided to allow the societies to procure the sugar from various cooperative sugar mills in the state for selling it to its members at a relatively cheaper rate.

Likewise, Punjab State Cooperative Milk Producers' Federation Limited (Milkfed) has been asked to provide better and quick veterinary services to members of the milk producers' cooperative societies attached to the various milk plants.

In another decision, it was also decided that the burden of relief, to be given to the farmers under the recently launched One Time Settlement Scheme (O.T.S) to the debt ridden farmers by the Punjab State Cooperative bank, would not be borne by the cooperative societies only, rather it would be shared by the cooperative bank and the cooperative societies jointly.
It would give relief to the farmers in redressing their loans on one hand and help cooperative societies and the banks to fetch more money into circulation and strengthen their financial position on the other, the release added.