Govt Warns Against Illegal Forward Trading of Pulses, Implements Online Stock Monitoring

New Delhi: To crack down on illegal forward trading of pulses, the Secretary of the Department of Consumer Affairs, Nidhi Khare, issued a stern warning during a series of interactions with representatives of the pulses industry. She emphasized that strict action would be taken against anyone found engaging in forward trading, in accordance with the various provisions of the Essential Commodities Act.

The Department of Consumer Affairs has collated feedback from the industry and gathered market intelligence regarding the stock position with various market players for further verification. The move comes ahead of the operationalization of online stock monitoring, scheduled to commence from April 15, 2024.

Furthermore, discussions were held with the Indian Mission in Yangon regarding issues related to pulses imports from Myanmar. Matters such as import prices, revised exchange rates, and stocks held by importers in Myanmar were addressed. It was apprised that the Rupee Kyat Settlement Mechanism has been operationalized to simplify trade transactions and enhance efficiency. This mechanism, implemented from January 25, 2024, aims to streamline trade transactions for both sea and border trade, covering goods as well as services. Traders are encouraged to utilize the Rupee/Kyat direct payment system using the Special Rupee Vostro Account (SRVA) through the Punjab National Bank.

In preparation for the implementation of the online stock monitoring system, importers and industry players including millers, stockists, and retailers have been instructed to declare their stock of pulses, including imported Yellow Peas, on a weekly basis starting from April 15, 2024. States and Union Territories have been tasked with enforcing weekly stock disclosure by all stockholding entities and verifying the accuracy of the stocks declared. Additionally, warehouses located in major ports and pulses industry hubs will undergo regular verification, with strict action to be taken against entities found providing false information on the stock disclosure portal.