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February 9, 2023 3:16 pm

Nod to loans for working capital against Mill premises: Lal Chand Kataruchak

The Fact News Service

Chandigarh, September 6 

In a major relief to rice shellers, the Punjab Government led by Chief Minister Bhagwant Mann has allowed loans for working capital against Mill premises during the forthcoming paddy procurement season.

Disclosing this here today, the Food, Civil Supplies and Consumer Affairs Minister Lal Chand Kataruchak said that after taking into account the ground reality and the normal course of business operations, the Department of Food and Civil Supplies decided to allow loans for the limited purpose of working capital to be arranged by the Mills during the paddy season. In addition in order to enable Mills to avail of industrial incentives allowed by the State Government, it was also decided to allow loans specifically for the purpose of establishing new rice industry, said the Minister.

Divulging more, the Minister said in the exceptional circumstances, where the working capital limit is higher than that prescribed by the Department, the Miller has been allowed to take part in the paddy season by either furnishing a guarantee by two rice mills having no loans against their premises or by furnishing a bank guarantee equal to 20% of the total paddy allocated to it.

The Minister also said that the new custom milling policy is being hugely appreciated by the rice millers.

The Minister further said that the above steps would not only help in securing the interests of the department but would also be a realistic assessment of how business is done in the state.

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