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IndiaFarmers can get fertiliser, seed with Old Rs. 500 notes

Farmers can get fertiliser, seed with Old Rs. 500 notes

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Farmers can get fertiliser, seed with Old Rs. 500 notes

Small businesses can withdraw Rs 50,000 per week now

New Delhi, November 21;Government today allowed farmers to use now-invalid Rs 500 notes for buying seeds and fertilisers for the ongoing Rabi season.

“The relaxation has not been allowed for Rs 1,000 notes as the government doesn't want hoarded money to come out through this channel,” a top government functionary said.

Farmers can use old Rs 500 notes on production of an ID proof to buy seed from outlets of the Central or state governments, PSUs, or state seeds corporations, central or state agricultural universities and the Indian Council of Agricultural Research (ICAR).

The government's focus in the “next eight to 10 days” would be to ease the situation in rural areas, which are suffering due to lack of banking infrastructure and financial instruments.

Besides addressing farmers' issues by increasing the number of mobile ATMs and banking correspondents, the government is considering relaxation in payment of installments of term loans and allowing transactions by “some cooperative banks with the help and guidance” of apex institution NABARD.

The move to allow use of old Rs 500 notes follows the pre- meeting on called by Minister Arun Jaitley on Saturday where he was apprised of the difficulties being faced by farmers.

Along with representations to allow cooperative banks to exchange and accept old currency, they also asked for more new currency at wholesale mandis.

A section still believes that today's relaxation is “too little, too late”. Bharat Krishak Samaj said the norms need to be eased as of the total seed sale, the private sector also has a substantial share. Government has further eased banking transactions for the small traders and businessmen allowing withdrawal upto Rs.50,000 per week from their cash credit or overdraft accounts with the banks.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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