Lahore: The interest on the delay in cane payment in the last 10 years amounts to Rs 10 billion, which sugar millers owe to the sugarcane farmers in Pakistan’s Punjab.
Mohammad Zaman Wattoo, Punjab Sugarcane Commissioner said, “Since last 10 years, the interest on delayed cane payments has increased to Rs 10 billion as per the calculations done by my department.”
As per the Punjab Sugar Factories Control law, it is mandatory for millers to clear cane dues in 15 days after purchasing sugarcane, else they have to pay interest at 11 per cent rate on the pending amount.
Not paying interest is a violation of the rule and we have started initiating action against the millers, he said.
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