RBI approves Rs 26000 crore CCL for paddy procurement in Punjab

Posted on:27 Sep 2016 18:25:48
RBI approves Rs 26000 crore CCL for paddy procurement in Punjab
27 September 2016 Current Affairs: The Reserve Bank has given approval to Rs 26,000-crore cash credit limit (CCL) for purchasing paddy in poll-bound Punjab, which came as a relief for SAD-BJP combine that struggled hard in the past for release of funds to buy foodgrain.

RBI has given its approval for the Rs 26,000 crore of CCL for procuring paddy from Punjab.

Paddy procurement in Punjab will commence from October 1 and the state is expecting procurement of 150 lakh tonne of crop from the state.

RBI's approval for CCL assumes significance as SAD-BJP combine would not have liked any delay in release of CCL in the wake of high-stake assembly polls ahead.

Union Finance Minister Arun Jaitley, who had come to Jalandhar on September 18, had described dispute over CCL as "a historical problem", saying both the state and Centre were making efforts to resolve this issue.

There is a historical problem and it exists for decades, which requires certain amount of reconciliation and sorting out. Both Punjab government and central government are in the process of finding a solution to that.

 

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