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Government Imposes Stock Limit on Wheat

24 Jun 2024 1:24 pm
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MUMBAI, 24 Jun (Commoditiescontrol): In a decisive move to curb hoarding and stabilize wheat prices, the Consumer Affairs Secretary announced the imposition of stock limits on wheat, effective immediately. This measure aims to ensure a steady supply of wheat in the market and prevent undue price hikes.

According to the new regulation, wholesalers are now restricted to holding a maximum of 3,000 tonnes of wheat, while retailers are limited to 10 tonnes. These stock limits are set to remain in place until March 31, 2025.

Stock limits will be applicable to each entity individually such as Traders/Wholesaler- 3000 MT; Retailer- 10 MT for each of the Retail outlets; Big Chain Retailer- 10 MT for each outlet and 3000 MT at all their depots and Processors- 70% of Monthly Installed Capacity (MIC) multiplied by remaining months of FY 2024-25. Respective legal entities, as above, will have to declare the stock position and update them regularly on the designate portal of the Department of Food and Public Distribution and in case the stock held by them are higher than the prescribed limit then they have to bring the same to the prescribed stock limits within 30 days of issue of this notification.

The Consumer Affairs Secretary emphasized that this step is crucial to maintain market equilibrium and protect consumer interests amid fluctuating supply and demand dynamics. The government will closely monitor compliance with these limits to prevent stockpiling and ensure adequate wheat availability across the country.

The imposition of stock limits reflects the government’s proactive approach in addressing potential shortages and price volatility. This move is expected to provide relief to consumers and support fair trading practices in the wheat market.

Stakeholders in the wheat supply chain are advised to adhere to the new stock limits and cooperate with regulatory authorities to achieve the desired outcomes of this policy.

(By Commoditiescontrol Bureau; +91 98201 30172)


       
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