In a recent address to representatives of the pulses industry, Nidhi Khare, Secretary of the Department of Consumer Affairs, has underscored stringent measures against forward trading of pulses, effective from April 15, 2024. This move comes as part of efforts to streamline stock monitoring through an online platform.
Tackling Violations under Essential Commodities Act
Nidhi Khare emphasized that individuals engaging in forward trade of pulses will face strict repercussions under the provisions of the Essential Commodities Act. This stance reflects the government's commitment to maintaining transparency and stability within the pulses market.
Feedback from industry stakeholders and market intelligence reports detailing stock positions across market players have been compiled for thorough assessment and validation.
In discussions with the Indian Mission in Yangon, Nidhi Khare addressed pertinent issues surrounding pulses imports from Myanmar. These discussions covered topics such as import pricing adjustments in response to revised exchange rates and the inventory held by importers in Myanmar.
Operationalizing Rupee Kyat Settlement Mechanism
The Indian Mission highlighted the operationalization of the Rupee Kyat Settlement Mechanism from January 25, 2024, to facilitate trade transactions and enhance efficiency. This mechanism, governed by guidelines from the Central Bank of Myanmar, simplifies payment procedures under the Special Rupee Vostro Account (SRVA). Its implementation is expected to streamline both sea and border trade, reducing currency conversion costs and mitigating exchange rate complexities for traders.
Efforts are underway to disseminate information about this mechanism among trading communities, particularly pulses importers. They are encouraged to utilize the Rupee/Kyat direct payment system using SRVA through the Punjab National Bank for enhanced trade facilitation.
Weekly Stock Disclosure Mandate
Importers, millers, stockists, retailers, and other industry players have been instructed to transparently declare their pulses stocks, including imported Yellow Peas, weekly via the designated portal (https://fcainfoweb.nic.in/psp/) starting April 15, 2024.
States and Union Territories have been tasked with enforcing weekly stock disclosures by all stockholding entities and verifying the accuracy of declared stocks. Regular verification of warehouse stocks, particularly in major ports and pulses industry hubs, is imperative. Strict actions will be taken against entities found to be providing false information on the stock disclosure portal. The initiatives spearheaded by the Department of Consumer Affairs aim to enhance transparency and accountability within the pulses industry, fostering a fair and regulated trading environment.
