Chandigarh, May 3 (IANS) The Reserve Bank of India (RBI) on Thursday extended the Cash Credit Limit (CCL) for the purchase of wheat in Punjab by Rs 3,054.75 crore, a state government spokesman said here.
The extension of CCL has been given up to May 31 for the ongoing wheat procurement season in Punjab, he said.
The state government has made a record payment of Rs 16,166.69 crore to Arhtiyas and farmers till May 2.
The RBI had earlier sanctioned the CCL limit of Rs 18,124.85 crore for wheat procurement in the current Rabi season.
“The extension for procurement of wheat, under new account during the Rabi Marketing Season (RMS) 2018, is subject to the state government ensuring that all its food credit accounts were always backed by fully paid stock value as per norms,” the spokesman said.
The total procurement of wheat this season currently stands at 118.56 lakh tonnes.