Price Stabilisation Fund Trust (PSFT) was registered in September 2003, initially for a period of ten years. The registration has been further extended for a period of 10 years w.e.f. 11.09.2013. PSFT had been implementing the PSF Scheme and Personal Accident Insurance Scheme for the plantation sector. The Price Stabilization Fund (PSF) Scheme was launched by Government of India in April 2003 against the backdrop of decline in international and domestic prices of tea, coffee, rubber and tobacco causing distress to primary growers. The growers of these commodities were particularly affected due to substantial reduction in unit value realization for these crops, at times falling below their cost of production. The objective of the scheme was to safeguard the interests of the growers of these commodities and provide financial relief when prices fall below a specified level. PSF Scheme period got over on 30.09.2013 and a revised Scheme proposal was under consideration of the Government. As on 31 March 2014, deposits in the PSF Corpus Fund were Rs. 435.55 crore, out of which Rs. 432.88 crore was contributed by GOI and Rs. 2.67 crore by growers by way of entry fee. An amount of Rs 482.63 Crores is the interest accrued on PSF Corpus. The Department of Commerce is in the process of finalizing a Comprehensive Insurance Product for supporting the growers of Tea, Coffee, Rubber, Tobacco and Spices (Cardamom) against price and production risks.
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28 Apr 2017)