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March 26 to be the new deadline for loan eligibility for sugar mills

March 16, 2019 10:21 AM |

Sugarcane and Economy

Looks like a good news for the sugar mills as the government has extended the deadline for clearing the part dues that the mills owe to farmers from February 28 to March 26.

The Department of Food and Public Distribution (DFPD) said in a gazette notification issued on Wednesday that banks could consider loan applications of those sugar mills which have cleared 25% of the cane price payable to farmers in the current sugar season,i.e. from October 2018- September 2019 by March 26.

A cabinet meeting held on February 28 cleared a DFPD proposal to sugar mills that was designed to give soft loans up to the tune of Rs 10,540 crore which is 85% of stock value of 4 million tonnes of sugar at the rate of Rs 31,000 per tonne. The government also mentioned that it would bear the interest subsidy of 7% on the loans given to the mills.

The banks were also asked to collect the bank account details of the farmers whom the mills owe money and later on help in giving money into the farmers account. The sugar industry that has been struggling to make the payments to farmers has certainly breathed a sigh of relief with this decision.

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