RBI releases cash credit limit of Rs 24,773 crore for purchase of wheat
AHEAD of the wheat supply season, the Reserve Bank of India (RBI) on Monday released a sum of Rs 24,773.11 Crore for Cash Credit Limit (CCL) till the end of April 2022 for the purchase of wheat in Punjab during subsequent Rabi marketing. season.
Chief Minister Bhagwant Mann expressed his gratitude to the Center for the quick release of the cash credit limit, which will go a long way in ensuring a transparent supply of foodgrains during the current marketing season, according to a government statement.
With this, most of the cash credit limit sought by the state government for the purchase of 132 lakh tons of wheat for this season has been released by the Central Bank.
CM Mann, for his part, directed the Department of Food and Civil Supplies to ensure a smooth and hassle-free supply of every grain to farmers in addition to paying them for their produce from the first day of supply – April 1. 2022 .
Mann also posted a message to farmers on his Facebook page stating that every grain produced by them will be purchased. He said the era of harassment of farmers in the mandis is over. and farmers just need to trust him.
Wheat supply is expected to start on April 1 and end on May 31, during the current Rabi marketing season. The central government has set the minimum support price (MSP) for wheat at Rs 2,015 per quintal, raising it by Rs 40 from last year’s Rs 1,975 per quintal.