India extends control order to regulate pulses, edible oil trade
BSS
The Indian Cabinet yesterday gave its nod to Extension of Order regulating trade of edible oils and pulses under Essential Commodities Act, for one year till September 30 next year, BSS reports from New Delhi.
Briefing media after the cabinet meeting, Union Minister Ravi Shankar Prasad said the Extension of Order will help States in ensuring adequate availability of pulses and oils and keep their prices under control.
The Cabinet meeting was chaired by Indian Prime Minister Narendra Modi.
The validity of a central order was extended from October 1 to September 30, 2016 in respect of pulses, edible oils and oilseeds. This will enable States to regulate trade of these essential commodities and to continue to take effective operations under the Essential Commodities.
Through this, the States can impose stock limits/licensing requirements to curb unscrupulous trading, hoarding and profiteering.
The extension will also help the States in tackling the problem of ensuring adequate availability of these commodities in the domestic market and keep prices under control.
Future trade in pulses like urad and tur has already been suspended.
Export of pulses has been banned and there is zero duty on import of pulses.
To increase availability of pulses in the domestic market, 5,000 tonnes of urad and 5,000 tonnes of tur has been ordered to be imported.
These imports are likely to reach shortly, which will ease the price situation.
