The Maharashtra State Co-Op.
Cotton Growers' Marketing Federation Ltd.

No.CTN/SS/Cash Discount2001-02/
03-12-2001

CIRCULAR

Zonal Manager (All)
Dy.Manager (Sales) (All)
Dy.Manager (S/A) (All)  

Sub : Cash Discount for Advance payment.
Ref : 1. G.M.(A/F) Circular No.570 dt.4-12-99.
2. G.M.(A/F) Circular E-mail No.170 dt.10-8-2000.         
 3. SPC decision dt. 1-12-2001. 

In order to improve liquidity the policy decision has been taken by the Federation, which will help our valuable customers to avail benefit against payment in cash for taking delivery. 

In SPC dt.1-12-2001, it has been decided that, if the cheque / D/D is tendered in Federation's office within 20 days from the date of conclusion of deal or starting of the schedule, the buyer be given receipt / D.O./P.I.(payment in time) on the same date (i.e. date of tendering cheque/ DD). However for the purpose of calculation of cash discount the date of realization of cheque/DD will only be considered. The D.O./P.I./Receipt issuing authority has to intimate the date of realization of cheque /DD to the concerned zone. Cash discount can be availed by buyer irrespective of quantity of deal / schedule. The cash discount should be calculated @ 15% p.a. on the number of days saved from the respective delivery schedule.If holiday falls on 20th day then payment will be accepted on next working day accordingly number of days should be calculated. However for the purpose of only working cash discount and invoice value etc. Please refer the example given in Circular No.570 dt. 4-12-99 of General Manager (A/F) Mumbai-15 barring all other contains.     

This Cash discount will be applicable for all sold but not delivered quantities of all seasons with a stipulation of the condition that the cheque or D.D should be tendered in Federation's office within 20 days from the date of conclusion of deal or starting of the schedule as stated above. All buyers are requested to avail the above facility to maximum possible extent

  Jt.Managing Director  

cc to :-1.General Manager (A/F) Mumbai-15.
2.All Buyers,
3. Brokers Association, Akola/Mumbai. 4.Manager/Dy.Manager (Sales)Coimbatore/Ahmedabad/Indore/ Hyderabad/Solapur/Kolhapur/Delhi/Bangalore.Sd/-
General Manager (SS)