Civil supplies corporation in TS to raise Rs 3000 cr loan

Due to dearth of funds, the state government allowed the civil supplies department to raise Rs 3,000 crore loan to buy paddy.The decrease in revenues of the state government due to demonetisation and the subsequent impact on trade affected paddy procurement this season as civil supplies department procures around 20,000 tonnes paddy every season.

The decision to raise loan was taken in the maiden governing council meeting of Telangana civil supplies corporation.Later, the department issued orders permitting the corporation to avail cash credit limit of Rs 3,000 crore from Corporation Bank, Indusind Bank, Andhra Bank or any other bank.

The orders said the state government will stand guarantee for the cash credit limit.

Meanwhile, the governing council meeting of the corporation also decided to further strengthen the corporation by filling the vacant posts and appoint staff on temporary basis waiting for the state government’s nod.

Civil supplies commissioner C.V.Anand conducted a  meeting and discussed at length 15 major issues including the financial position of the corporation. The meeting decided to set up enforcement, IT, finance and technical wings and recruit accountants and other technical staff. It also ratified the new logo of the corporation. The enforcement wing will have retired police and revenue officials. It was decided to appoint a financial advisor to the corporation to avoid financial mismanagement.