The Treasury has made available Rs.10.4 billion worth of funds to the Paddy Marketing Board (PMB), through state banks, to purchase paddy at a set price of Rs.50 per kilo for the Yala season, Finance, Economic and Policy Development Ministry said.
A statement by the ministry noted that the funds would be utilised to purchase 200,000 MT of paddy from the farmers.
It further added that all varieties of paddy would be purchased at a flat price of Rs.50 per kilo this year.
A kilo of Nadu was purchased at Rs.38 and a kilo of Samba was purchased at Rs.41 in 2019.
The storage facilities of the PMB have already come into operations to support the purchasing process.