The Government of Karnataka issued a notification on 07th March, 2024, regarding the Karnataka Agricultural Produce Marketing (Regulation and Development) (Amendment) Act, 2024. The Act aims to further amend the Karnataka Agricultural Produce Marketing (Regulation and Development) Act, 1966.
It introduces several key amendments, including the establishment of the Market Development Assistance Fund, which mandates Agricultural Produce Market Committees to remit not less than 5% of revenue collected from market fee and license fee to the fund. The fund is to be administered by a committee consisting of members from the government and agricultural marketing departments. Additionally, the Act allows for the utilization of the Market Development Assistance Fund for the development of market yards of financially weak Agricultural Produce Marketing Committees and procurement operations of agricultural produce under Floor Price Scheme and Minimum Support Price Scheme.
Furthermore, the Act includes making contributions to the Market Development Assistance Fund, and inserting new provisions that establishes the Market Development Assistance Fund and outlines the remittance and administration of the fund. There is a provision which specifies the application of the Market Development Assistance Fund, allowing for its utilization for the development of market yards of financially weak Agricultural Produce Marketing Committees and for flagship programs as suggested by the Chairman.
The notification also amends to include the undertaking of procurement operations of notified agricultural produce under Floor Price Scheme and Minimum Support Price Scheme.
