The Reserve Bank of India (RBI) on Monday cleared a sum of Rs 24,773.11 Crore towards the Cash Credit Limit (CCL) up to the end of April-2022 for the procurement of Wheat in Punjab during the ensuing Rabi Marketing Season (RMS).
Expressing gratitude to the Centre for timely release of CCL, Chief Minister Bhagwant Mann said it would go a long way in ensuring seamless procurement of Wheat during the current marketing season.
With this, the bulk of the CCL sought by the state government for the purchase of 132 lakh tonnes of Wheat for this season has been released by the Central bank.
Mann directed the food and civil supplies department to ensure smooth and hassle-free procurement of every single grain of the farmers besides making payment to them for their produce from the very first day of procurement i.e. 1 April 2022.
The procurement of wheat would begin on April 1 and culminate on May 31 during the current RMS. The Central government has fixed the Minimum Support Price (MSP) of wheat at Rs 2015 per quintal, hiking it by Rs 40 from last year’s Rs 1975 per quintal.