Lucknow: The escrow account in Uttar Pradesh is proving to be helpful for the sugarcane farmers. It has helped farmers to increase their income as this has brought transparency in the transactions and get cane dues on time.
The sugar mills in the state were asked to compulsory open escrow accounts after Yogi Adityanath government came to power in the state. As per the rule, the mill allocates 85 per cent of the money received from the sale of the sugar to the bank accounts of the sugarcane farmers for bill payment. It protects mills to divert the money for purposes other than payment to the farmers.
The new system brought transparency in getting the amount of sugarcane price paid by sugar mills to the farmers.
To receive ChiniMandi updates on WhatsApp, please click on the link below.
WhatsApp Group Link