Punjab Cabinet approves bill for price stabilisation fund

The Punjab cabinet today approved a bill for creation of a price stabilization fund which will ensure state farmers get minimum support price (MSP). The decision was taken during a cabinet meeting chaired by Chief Minister Amarinder Singh.

The cabinet decided to table the bill for enactment in the Vidhan Sabha session, which is beginning tomorrow.

The bill aims to protect the interests of farmers in the event of a sudden fall in prices of certain agricultural commodities. According to it, amendments will be made to sections 25 (A), 26 and 28 of the Punjab Agricultural Produce Markets Act, 1961, read an official release.

The amendments will ensure that a fraction of the commission charged by the arhtiyas (commission agents) are directed towards the agricultural produce price stabilization fee.

The rules pertaining to market development fund and market committee fund would also be amended by the insertion of a new clause (XXII) after sections 26 & 28 of the Punjab Agricultural Produce Markets Act, 1961. This will enable these funds to be used in the price stabilization fund.

The step was taken in view of the pitiable condition of the farmers in the state, pushing many of them to suicide in the recent past, the statement said.

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