Chandigarh, June 10 -- Punjab governor and UT administrator Gulab Chand Kataria on Tuesday approved the proposal of the State Agricultural Marketing Board, UT Chandigarh, to abolish the requirement of furnishing a bank guarantee and cash security by applicants seeking licences under Section 10 of the Punjab Agricultural Produce Market Act, 1961. The move is seen as a significant reform aimed at promoting ease of doing business and facilitating agricultural trade, and is likely to benefit traders, commission agents, processors, exporters, aggregators, and other businesses seeking licences to operate in agricultural markets in Chandigarh. Pursuant to this approval, the Board has carried out amendments in Rule 17 and Rule 21 of the Punjab Agricultural Produce Market Rules, 1962, on the pattern of the Punjab Mandi Board. Under the amended provisions, applicants for licences under the Act will no longer be required to submit bank guarantees or cash security at the time of grant of licence. This measure is expected to reduce the financial burden on traders and other stakeholders, while simplifying the licensing process. Further, the amendments provide for a substantial increase in the validity period of licences issued under Section 10 of the Act. The licence validity, which was earlier limited to three years, has now been extended up to ten years. This reform will significantly reduce procedural requirements and enhance convenience for existing licensees as well as new applicants.htc...