Jci Jute Corporation Of India Limited Jobs for Recuitment For Office Manager in Kolkata

The Jute Corporation of India Limited (JCI) was set up in 1971 as an official agency by the Government of India with the aim to provide minimum support price (MSP) to the jute cultivators and also work as a helping hand in the raw jute sector.

JCI was established by the Indian Government for the welfare of the jute growers, for example, granting them a certain amount of funds with the help of which they can have their own farming sector of jute. The JCI was first started as a small official agency at the beginning but then slowly it expanded its networking and now has almost spread in 7 states successfully for jute growing. The states which are eminent for jute growing in India include West Bengal, Bihar, Assam, Meghalaya, Tripura, Orissa, and Andhra Pradesh.

The Government of India fixes the minimum support price (MSP) for the JCI from time to time and the Price Support Operation is being set up to procure raw jute from the farmers which is based on the MSP fixed by the Government. The Jute Corporation of India Ltd. demands superior quality products and so the raw jute market in JCI receives a premium for its quality value. JCI also acts as the export inspection agency appointed by the Government of India and it inspects the jute just before being exported.

As per the policy decision of the Government, JCI is obliged to buy whatever quantity of jute is offered at support rates by the growers without any quantitative limit. The losses incurred by the JCI while implementing the open-ended policy of the Government of India to support the jute farmers are to be reimbursed by the Government of India. The JCI has been provided with an authorised and paid up Capital of Rs. 5 crores. As per authorisation of the Government of India, Reserve Bank of India has allowed special credit line for MSP operation by hypothecation of jute purchased by the Corporation. The margin money required to be mobilised for the Corporation for such credit has been dispensed with by giving a Government guarantee. The loss is determined after the sale of jute and the amount of loss is claimed by the Corporation for reimbursement through budgetary support.