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Concessionary loans for paddy millers and warehouse owners
View(s):Small and medium-scale (SMS) paddy millers and warehouse owners are eligible to get loans of Rs 50 million and Rs 25 million, respectively, under a concessionary pledge loan scheme to buy paddy for the 2023–2024 Maha season, the General Treasury said.
Under the concessionary loan scheme, which came into effect on Thursday, paddy millers whose maximum paddy milling capacity is 25 metric tonnes and paddy storage owners can apply for loans from banks at an annual interest rate of 15 percent, with the Treasury bearing an interest subsidy of 4 percent.
The loans should be repaid within 180 days, and a total of Rs 9 billion is to be disbursed under the scheme.
Accordingly, the paddy is to be purchased under the Minimum Purchase Price (MRP) introduced by the Department of Agriculture.
The price for standard paddy, Nadu, with moisture content, is set at Rs 105 a kilogramme, while for wet paddy, it is Rs 90. For samba, it is fixed at Rs 120 (with moisture content) and Rs 100 (wet).
The loan scheme came into effect following a January 29 Cabinet decision and will be operational until April 30.
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