STOCK HIKED TO RS 1 LAKH

Chandigarh, June 10- In order to enhance the volume of business of the Primary Agricultural Cooperative Societies (PACS) besides providing better goods and services to the farmers at their door steps, the Punjab government has decided to enhance the limit of Rs 50000/- to the societies for the purchase of goods/stock to Rs 1 lakh.

A decision to this effect was taken by Principal Secretary to Chief Minister and Financial Commissioner (Cooperation) Mr. SK Sandhu, while presiding over a review meeting, with the Presidents and Secretaries of Primary Agriculture Cooperative Societies and milk producing cooperative societies.

It was decided in the meeting to enhance the limit of Rs 50000/- given to the Primary Agricultural Cooperative Societies by the Cooperative Banks for the purchase of goods/stock to Rs 1 lakh. These societies were supplying consumer goods also at the door step of the farmers and the Cooperative banks provide a limit of Rs 50000/- to the societies for the purchase of goods/stock. But as per the fresh decision societies could now be sanctioned more than Rs 100000/- credit limit, if they so require depending upon the average business done by the society during the last six months. It was also decided to give more autonomy to the cooperative societies to sell consumer products depending upon the local requirements.

It was also decided to allow Primary Cooperative Agriculture Societies to procure the sugar from various Cooperative sugar mills in the state for selling it to its members at a relatively cheaper rate. Likewise, Milkfed has been asked to provide better and quick veterinary services to members of the milk producers’ cooperative societies attached to the various milk plants.

In another significant decision it was also decided that the burden of relief, to be given to the farmers under the recently launched One Time Settlement Scheme (O.T.S) to the debt ridden farmers by the Punjab State Cooperative bank, would not be borne by the cooperative societies only rather it would be shared by the cooperative bank and the cooperative societies jointly. It would give relief to the farmers in redressing their loans on one hand and help cooperative societies and the banks to fetch more money into circulation and strengthen their financial position on the other.

It was also decided in the meeting to allow credit limit to farmers for the purchase of cattle feed in addition to the existing Maximum Credit Limits (MCL) to support the dairy activities. Pertinently, the Cooperative Bank provide funds to member farmers of the societies in the shape of credit limits for cash loans as well as purchase of fertilizer and other agri-inputs and diesel etc.

In another significant decision aimed at felicitating the societies to supply various products of the Marked to its members at relatively cheaper rates, the state government has given approval to bring margin on the products of Markfed supplied through the cooperative societies at par with the private dealers of Markfed. Earlier, Markfed was giving lesser margin to the cooperative societies as compared to its private dealers.