Undeterred by the prevailing atmosphere over demonetisation of high currency notes, cotton farmers in various agricultural marketyards in Karimnagar district are reaping riches owing to record price to their hard-earned produce.
Due to decline in cotton production and huge demand in the international market, cotton is being sold at whopping Rs. 5,200 per quintal against the government stipulated minimum support price (MSP) of Rs. 4,160 per quintal at Jammikunta agriculture marketyard. The traders were competing in the purchase of cotton in all the marketyards in the district. As soon as the farmers are arriving with their produce to the markets, traders along with the market committee officials visit the yards and auctioning cotton and transport it to the ginning mills within hours.
During a visit to Jammikunta agricultural marketyard, which is the biggest market in the Telangana, and also Karimnagar agricultural marketyard, farmers were seen in joyful mood with the traders competing to procure their produce by providing more than the MSP. It was surprising to note that the traders were making online payments through RTGS to farmers instead of issuing cash and cheques in Karimnagar AMC.
Following the ban of high denomination currency notes by the government, initially traders made payments through bank cheques. But, when the farmers complained that they were facing problems in the clearance of cheques and taking more than one week time, they started making online payment into the farmers’ bank accounts through RTGS, said Kumar, a trader at Karimnagar agricultural marketyard.
Farmers are coming to the marketyards along with produce as well as the bank passbooks. “Thanks to the good market price to cotton, the traders are providing us some cash for the payment of transportation charges and other expenses in the marketyard such as having breakfast, tea etc. Later, they are deducting the amount while making payment after procuring cotton online”, said Venkati of Manakondur mandal.
Samavva of Kondapur village in Gannevuram mandal said that while traders are making prompt online payment, bankers are delaying providing cash on the pretext of shortage.
Ironically, Manevva of Chenjarla village in Manakondur mandal was very disappointed over poor yield due to incessant rain as there was good market price in the AMC.
