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Cabinet approves Food Cash Credit to Punjab for food procurement operations - Resolution for the settlement of Legacy Accounts (upto crop season 2014-15)

News and Press Release - Dated:- 7-3-2017 - The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for settlement of Legacy Food Cash Credit Accounts (upto crop season 2014-15) of Punjab Government for food procurement operations. This proposal of Department of Expenditure was approved by Prime Minister under Rule 12 of (Transaction of Business) Rules, 1961 on 02.01.2017. Early settlement of legacy issues will help the banks in disbursement of foo .....

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operations by the Punjab Government shall be settled as under: a) The outstanding amount in Cash Credit Accounts of Government of Punjab pertaining to season upto Kharif Marketing Season 2014-15 amounting to approx. ₹ 31,000 crore shall be converted into a term loan. It will be repayable in half yearly instalments over a period of 20 years with the option for pre-payment. The terms and conditions of the loan shall be as prescribed by the RBI and the lending banks. b) The exact amount of th .....

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