The Punjab government has removed the lid over its Wheat Policy 2016, fixing the price of new wheat at Rs3,500 per maund, says a notification issued on Tuesday.
Under the policy, strategic reserves of wheat will be bought in cooperation with the private sector, while the Punjab government intends to buy as much as 2.5 million metric tonnes of wheat.
According to the notification, the wheat reserves will be bought from approved holders and that 2025 year price of open market wheat has been announced for current year. The countrywise strategic reserves will be controlled by buying banks with the 70 percent mark-up being paid by Punjab government.
To relief to the stakeholders, there will not be charges for using government warehouses; whereas farmers will receive 100 per cent immediate cash payment at the specified price of Rs3,500 per maund.
The policy provides that agriculturists not to supply less than 0.5% nor exceed more than 20% of the total wheat quantity.
