NEW DELHI, Sept 11 (Reuters) - India may allow banks and
financial institutions to finance purchase of farmland overseas
for cultivating oilseeds and lentils, the Economic Tines
newspaper reported on Thursday.
A senior trade official last week told Reuters that a
consortium of 14 Indian vegetable oil firms plan to buy or lease
land in Paraguay, Uruguay and Mayanmar to grow oilseeds and
lentils as farmland shrinks in India. [ID:nDEL226564]
A committee of senior government officials, including
representatives of the central bank, is expected to consider the
financing proposal, the newspaper said, quoting government
sources.
Current rules do not allow domestic banks and financial
institutions to finance buying farmland abroad, the paper said.
(Reporting by Mayank Bhardwaj)
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Keywords: INDIA OILS/