RBI sanctions Rs 14,640 cr for wheat procurement in Punjab

Reserve Bank of India today sanctioned cash credit limit of Rs 14,640 crore for wheat procurement in Punjab as the Rabi Marketing season 2015-16 started today.
The Centre has released the first instalment of cash credit limit after the matter was taken up by Punjab Food and Supplies Minister Adaish Pratap Singh Kairon, an official spokesman said.
Punjab has also been assured that next instalment of funds would be released as and when procurement begins, he said.
However, he said the procurement was to begin from April 1 but due to inclement weather conditions, the procurement could be further delayed and is expected to take place around April 15.

Meanwhile, all arrangements have been made by the state government for smooth procurement of about 125 lakh tonnes of wheat.
According to the spokesperson, Kairon who met Union Food Minister Ram Vilas 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.