Stock limit on edible oil, oil seeds, rice removed
Updated: Jan 17, 2014 05:56:58pm
New Delhi, Jan 17 (KNN) In a reprieve to traders, the government today exempted edible oil, oil seeds and rice from the stockholding limit under the Essential Commodities Act.
Under the ESA, the government is empowered to impose stock limits on commodities which witness extraordinary rise in prices.
For December, the inflation based on the whole sale price index fell to 6.16 per cent from 7.52 per cent in the previous month.
The Commerce and Industry Minister, Anand Sharma has welcomed the Order issued by Department of Consumer Affairs to exempt stocks of edible oil, edible oilseeds and rice meant for export from the stock holding limit under the Essential Commodities Act, according to an official notification.
The exporters have been demanding that they should not be subjected to stock holding limit prescribed under the Essential Commodities Act, if they have merchandize stocks of such commodities meant for exports.
The DGFT had taken up this matter with the Department of Consumer Affairs. The Department of Consumer Affairs have issued Removal of (Licensing requirements, Stock limits and Movement Restrictions) on Specified Foodstuffs Order, 2002 on 9th January 2014.
This will address the long felt need of such exporters and reduce their transaction cost. (KNN/PC/ES)
Under the ESA, the government is empowered to impose stock limits on commodities which witness extraordinary rise in prices.
For December, the inflation based on the whole sale price index fell to 6.16 per cent from 7.52 per cent in the previous month.
The Commerce and Industry Minister, Anand Sharma has welcomed the Order issued by Department of Consumer Affairs to exempt stocks of edible oil, edible oilseeds and rice meant for export from the stock holding limit under the Essential Commodities Act, according to an official notification.
The exporters have been demanding that they should not be subjected to stock holding limit prescribed under the Essential Commodities Act, if they have merchandize stocks of such commodities meant for exports.
The DGFT had taken up this matter with the Department of Consumer Affairs. The Department of Consumer Affairs have issued Removal of (Licensing requirements, Stock limits and Movement Restrictions) on Specified Foodstuffs Order, 2002 on 9th January 2014.
This will address the long felt need of such exporters and reduce their transaction cost. (KNN/PC/ES)
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