Amendment status not verified — confirm the current text below against the official source.
Application of the revolving fund.- (1) Subject to the provision of this Act and rules made thereunder, the fund shall be utilized for the purpose of,- (i) implementation of floor price scheme; and (ii) for purchase of notified agricultural produce at minimum support price. Explanation.- (1) For the purpose of this section, “Floor price scheme” means the scheme formulated by the State Government, by order, to protect the interest of farmers against the distress sale of notified agricultural produce by assuring a minimum support price. (2) “Minimum support price” means the minimum support price fixed by the State Government for purchase of notified agricultural produce (other than the commodities with reference to which minimum support price is fixed by the Government of India) due to fall in market price. While fixing the minimum support price, the State Government may take the following factors into consideration, namely:- (a) price of the notified agricultural produce; (b) cost of production of such notified agricultural produce; (c) recommendation of a technical expert committee, if any, appointed by the State Government for this purpose; (d) fair average quality of the commodity; (e) reasonable profit margin to the producer. (f) such other factors as may be ordered by the Government in the scheme.]1