Punjab

Center accedes Punjab's request to extend CCL validity till Feb end

PUNJAB NEWS EXPRESS | February 24, 2020 10:54 PM

CHANDIGARH: Acceding to the request of Chief Minister Captain Amarinder Singh, the Central Government on Monday extended the validity of the Cash Credit Limit (CCL) limit for procurement of paddy during Kharif Marketing Season 2019-20 in Punjab up to February 29, 2020.

This has paved the way for clearing outstanding dues of Arthiyas who are complying with the norms under PFMS, EAT module, and the Reserve Bank of India (RBI) is all set to release Rs 200 crore on this account on Tuesday.

Disclosing this here today, a spokesperson of the Chief Minister’s Office said that this extension in validity would help the State Government to clear the pending dues of Arthiyas on account of their commission, which could not be settled due to non-implementation of Public Financial Management System (PFMS) Expenditure, Advance and Transfer (EAT) Module by them as mandated by the Government of India.

The total liability on account of the Arthiyas’ commission stood at Rs. 750 crore, of which Rs. 362 crore has already been paid to Arthiyas who are PFMS EAT module compliant.

Notably, the Reserve Bank of India (RBI) has extended the CCL of Rs. 33333.96 crore under new account no. IV for procurement of paddy during the marketing season up to the end of February 2020. Notably, CCL of Rs. 26707.50 crore was authorized for the month of October 2019 and Rs 6623.46 crore for the month of November 2019, and subsequently its validity was extended up to December 2019.

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