Rs. 1.34 b for purchasing paddy in Maha season

Saturday, 7 July 2012 00:11 - - {{hitsCtrl.values.hits}}

On a proposal made by President Mahinda Rajapaksa, in his capacity as the Minister of Finance and Planning, Cabinet has approved Rs. 1.34 billion for the purchase of paddy during the Maha season 2011/2012. The move was on account of the increase in the produ-ction of paddy, particularly in the Districts of Vavuniya, Polonnaruwa and Mullaitivu and more funds had to be provided to the District Secretaries for the purchase of paddy.

The Government said paddy production in the Maha season 2011/2012 has increased by 33% and the approved amount of advance from the revolving fund for purchase and sale of agri products, which is operated under the Dept. of Treasury operation, allocated to the District Secretaries, which was Rs. 1 billion in the previous year, has now been increased by Rs 325 million up to Rs. 1.34 billion.

Cabinet approval was granted for the increased amounts released to the District Secretaries and further approval was also granted to increase the limit of advance to the Paddy Marketing Board from Rs 1.9 billion to Rs. 2 billion and to increase the pledge loan limit granted by People’s Bank up to Rs. 16 billion and that of the Bank of Ceylon up to Rs. 2.6 billion.