The Hindu Business Line : CCEA clears Rs 2,200-cr subsidy to Nafed

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New Delhi Feb. 8 The Union Government has approved the release of Rs 1,909.66 crore to the National Cooperative Agricultural Marketing Federation of India for meeting its losses due to procurement of rapeseed-mustard and settling accounts with banks for the period till March 31, 2007.

The Cabinet Committee on Economic Affairs, in its meeting here on Thursday, also approved additional funds of Rs 289.86 crore for the same purpose during the coming fiscal. "The approval not only would enable Nafed to dispose of its remaining stocks and settle accounts with banks, but also the procurement of mustard-seed to ensure MSP to farmers (in the coming harvesting season from March)," an official release said.

The CCEA also cleared the disposal of 10 lakh tonnes (lt) of Nafed's mustard stocks in whole form for the period December 1, 2006-February 28, 2007 and another 2 lt through processing.

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