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Telangana locks in cash for crop scheme
Even as the state is reeling under severe cash crunch, Telangana State Government has made special arrangements for smooth implementation of the first phase of crop investment support scheme for kharif to be launched on May 10 in the state.
Hyderabad: Even as the state is reeling under severe cash crunch, Telangana State Government has made special arrangements for smooth implementation of the first phase of crop investment support scheme for kharif to be launched on May 10 in the state.
The state government has taken an assurance from the Reserve Bank of India that it would make available Rs 2,000 crore in cash for distribution to the farmers through banks against cheques the government will issue for the first phase. For covering all farmers for kharif, the state needs an additional Rs 4,000 crore.
State Finance department officials said that the RBI will release the funds to the scheduled banks and make cash available to them for distribution to the beneficiaries under crop investment support scheme.
In the first round, the government will distribute cheques in some identified villages. All bank branches which covered the villages will get in advance required money meant for release to the farmers only.
"The Government has sought special permission from RBI. The banks are instructed not to divert cash supplied to them for the implementation of the scheme for any other purpose," a senior official said, admitting that payment of cash to farmers against cheques would be a real challenge given the volume of work involved.
Officials said all the money sent to the bank branches will be utilised exclusively for the investment support scheme. State Agriculture department is busy indenting the villages where the cheque distribution scheme will be implemented.
The beneficiaries list will also be sent to the local branches ensuring the authorities to have a clarity on the requirement of funds. The Agriculture department officials will coordinate with banks in the clearance of cheques and distribution of money to the farmers instantly.
The total requirement of funds under the scheme in kharif is estimated at Rs 6,000 crore. Once the first round is completed (amount Rs 2,000 crore), Finance department will make arrangements for issue of cheques for the remaining amount of Rs 4,000 crore. The state government is expected to get assurance from the RBI for the remaining amount too.
