Consider the following statements 1 Union Cabinet has given its ex post facto approval for settlemen...........

Punjab Economy

Consider the following statements.

1.Union Cabinet has given its ex-post facto approval for settlement of Legacy Food Cash Credit Accounts (upto crop season 2011-12) of Punjab Government for food procurement operations.

2.The outstanding amount in Cash Credit Accounts of Government of Punjab pertaining to Kharif Marketing Season 2014-15 amounting to approx. Rs. 31,000 crore shall be converted into a term loan and be repayable in half yearly instalments over a period of 20 years.

3.Punjab Government shall enter into a tripartite agreement with Gol and RBI irrevocably authorizing the Gol to deduct, in case Punjab Government fails to make any payment towards principal or interest of the Term Loan on due dates.

Which of the following statements is/are correct ?

1 and 2 Only

2 and 3 Only

1 and 3 Only

All of the above

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Explanation:

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex-post facto approval for settlement of Legacy Food Cash Credit Accounts (upto crop season 2014-15) of Punjab Government for food procurement operations.The outstanding amount in Cash Credit Accounts of Government of Punjab pertaining to season upto Kharif Marketing Season 2014-15 amounting to approx. Rs. 31,000 crore shall be converted into a term loan. It will be repayable in half yearly instalments over a period of 20 years with the option for pre-payment. The terms and conditions of the loan shall be as prescribed by the RBI and the lending banks.Punjab Government shall enter into a tripartite agreement with Gol and RBI irrevocably authorizing the Gol to deduct, in case Punjab Government fails to make any payment towards principal or interest of the Term Loan on due dates, such defaulted amount from the State’s share in central taxes and pay the same to SBI consortium.