NEWS DESK

The government has allocated Tk 1 billion to provide subsidy to farmers for buying agricultural machinery in fiscal 2019-20 to reduce production costs and increase crop yield.

The Ministry of Agriculture issued an order on April 19, outlining that the farmers of Haor region can be given a subsidy of 70 per cent on the purchase of farm machinery while farmers in other regions will receive a 50 per cent subsidy.

The Department of Agricultural Extension will have to spend the allocated funds in light of the relevant policies and financial regulations, reports Finance Today.

No claim from the previous year can be adjusted from the amount and the department will have to spend the money after checking and confirming all the documents related to the subsidies on equipment, according to the order.

The final audited account has to be submitted to the Finance Division to ensure that the subsidy has been paid following proper rules.

The order also said the unspent money should be deposited to the government treasury by June 30.