Centre lowers wheat stock limits to keep prices in check
The government is working on an action plan to tame elevated prices of spices, according to sources.
The government has further tightened a limit on the stocking of wheat in the country in a bid to tame the domestic prices of the crop.
In an official notification, dated September 14, the Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution announced the following upper limits for the remainder of the current financial year, which ends on March 31, 2024:
- For traders or wholesalers: 2,000 MT
- For retailers: 10 MT for each outlet
- For big chain retailers: 10 MT for each outlet and 2,000 MT at all their depots
- For processors: 75 per cent of annual installed capacity or quantity equivalent to monthly installed capacity multiplied by the remaining months of 2023-24, whichever is less
The limits, according to the department’s order, will be applicable to all the states and Union Territories.
That marks a reduction of 1,000 MTs, or 33.3 per cent, in the limit applicable to traders and wholesalers, given the existing limit.
"In view of a recent uptick in the prices, we have had a review of the stock limits and effective today, the stock limit on traders, wholesalers and big chain retailers stands reduced,” Food Secretary Sanjeev Chopra said on Thursday.
The government noticed a four per cent rise in wheat prices citing "some elements trying to create some artificial scarcity" though it acknowledged the availability of adequate wheat in the country.
The stock limit was introduced, for the current financial year, in June.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Top 10 Mid-cap Stocks to Invest: Motilal Oswal picks Indian Hotels, Godrej Properties, and more; know target price
Atal Pension Yojana EPFO National Pension System SWP Retirement Planning schemes provide pension every month
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
05:57 PM IST