Cabinet increased the authorized capital of FCI to Rs.10000 crore - Sarkari Naukri Sms

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Thursday, November 28, 2019

Cabinet increased the authorized capital of FCI to Rs.10000 crore

The Cabinet Committee on Economic Affairs (CCEA) chaired by the PM Narendra Modi approved to increase the authorized capital of Food Corporation of India (FCI) to Rs.10,000 crore. Earlier the capital allocated for FCI was Rs.3,500 crore. The increase of authorized capital will fund the foodgrains stock, perpetually held by FCI. This will reduce the borrowings of FCI, save interest cost of FCI and reduce food subsidy in consequence. The operations of Food Corporation of India require maintaining perpetual stock of foodgrains which needs to be funded by the Govt. of India through equity or long term loan. The government has been providing equity to FCI for maintaining stocks. Food Corporation of India (FCI): FCI was established in 1965 by the government of India. It was constituted under the Food Corporations Act, 1964. It functions under the Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution. FCI is responsible to implement the food policy of the Government of India.  The primary objective of FCI is to ensure the minimum support price to farmers and maintain a buffer stock of food grains. It also distributes food grains under the National Food Security Act and other welfare schemes initiated by the Government of India. The current Chairman & Managing Director of FCI is D. V. Prasad.

from Current Affairs 2019 for Competitive Exams Current Affairs Today The Cabinet Committee on Economic Affairs (CCEA) chaired by the PM Narendra Modi approved to increase the authorized capital of Food Corporation of India (FCI) to Rs.10,000 crore. Earlier the capital allocated for FCI was Rs.3,500 crore. The increase of authorized capital will fund the foodgrains stock, perpetually held by FCI. This will reduce the borrowings of FCI, save interest cost of FCI and reduce food subsidy in consequence. The operations of Food Corporation of India require maintaining perpetual stock of foodgrains which needs to be funded by the Govt. of India through equity or long term loan. The government has been providing equity to FCI for maintaining stocks. Food Corporation of India (FCI): FCI was established in 1965 by the government of India. It was constituted under the Food Corporations Act, 1964. It functions under the Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution. FCI is responsible to implement the food policy of the Government of India.  The primary objective of FCI is to ensure the minimum support price to farmers and maintain a buffer stock of food grains. It also distributes food grains under the National Food Security Act and other welfare schemes initiated by the Government of India. The current Chairman & Managing Director of FCI is D. V. Prasad. https://ift.tt/2XS8Rrf

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