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Govt allows farmers to buy seeds with old currency notes

New Delhi, Nov 21: Good news for farmers as today the government has allowed farmers to buy seeds with old currency notes from any state or central government outlets and agri universities ahead of the Rabi harvesting season. Farmers can purchase seeds from the centres, units or outlets belonging to the central or state governments, public sector undertakings, national or state seeds corporations, central or state agricultural universities and the Indian Council of Agricultural Research (ICAR), on production of proof of identity, the finance ministry said in a statement. The government is committed to ensure that farmers are suitably facilitated during the Rabi season, it said.

The Modi government’s current bid to demonetise higher denomination notes to crackdown on black money has severely hit the rural economy. With many villagers yet to be connected to the formal banking system, and the trouble being faced in the last mile, delivery of new currency notes has left rural India scrambling for cash. A large number of agrarians who do have accounts, bank with the local co-operative and Gramin banks, which in compliance with RBI guidelines were not authorised to exchange or deposit the defunct notes.

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