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Due to a lack of buyers in the market, farmers of perishable goods are selling their produce at 20 percent cheaper, says Former Agriculture Secretary Siraj Hussain. He says the farmers may also use poor quality seeds for sowing as they do not have the money to buy superior ones. Farmers will require more money in two weeks time, when they have to apply fertilizers on their crop, says Hussain. They have only till then to get cash in their hands to buy urea. But money may not be very easy to come by for them as co-operative banks refuse to exchange or deposit money into accounts in villages, says Ajay Vir Jakhar, Chairman, Bharat Krishak Samaj.
"These State run co-operative banks in rural areas are in the pockets of politicians who make farmers suffer for their wrong doings. Co-operative banks have been instructed to not deposit money," says Jakhar. Although demonetisation may seem like a shock for the agricultural society, Hussain says the yields may remain unchanged due to this Narendra Modi decision. The yield will instead depend on the weather. Jakher too says the produce quantity may remain the same. He however is not pleased with how international commodity players have created mass hysteria in the media with rumours that India will import wheat and corn mainly from the US due to poor yields.