The sub-section necessitates the establishment of independent warehousing companies which will provide efficient storage arrangements and have authority to issue receipts which are negotiable.
TheThe establishment of warehouses in this province on these lines will open out an important avenue for the Reserve Bank to provide finance to agriculture. The Warehouse Receipt will be an ideal security for any bank, and a promissory note supported by it will be eligible for rediscount with the Reserve Bank. The system of warehouse will contribute to smooth and orderly marketing and enable the cultivator to realise better prices for his produce
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