AIADMK MPs meet Jaitley, want permission to receive demonetised notes at coop banks

AIADMK MPs meet Jaitley, want permission to receive demonetised notes at coop banks

MPs of the AIADMK today urged Union Finance Minister Arun Jaitley to immediately make available Rs 3000 crore to the Co-operatives in Tamilnadu to meet immediate crop loan disbursement needs.

Asserting that the demonetisation move has brought the operations of the cooperative institutions to a virtual standstill in the State, MPs of the AIADMK sought the centre’s permission to receive demonetised notes at cooperative banks.

The party MPs led by Lok Sabha deputy speaker M Thambidurai submitted a memorandum to Union finance minister Arun Jaitley and urged the ministry to intervene immediately and protect the farmers and poor in the rural areas.

“Like any other commercial bank, DCCBs also run on core banking solutions and the transactions are subject to verification by the regulator,” the memorandum said.

They urged the Central government to permit DCCBs to disburse to Primary Agricultural Cooperative Credit Societies (PACCS) without restriction of Rs 24,000 per week, giving a special status, to support the agricultural operations of farmers / rural clientele with immediate effect.

As against the annual target of issue of crop loan of Rs 6,000 crore to 10.75 lakh farmers this fiscal, PACCS disbursed only Rs 2,141.67 crore to 3.54 lakh farmers. Due to non-disbursement of loan to PACCS, more than eight lakh farmers would be adversely affected as they are not able to draw cash needed for agricultural operations.