Centre imposes stock limit on pulses to send ‘right signal’ to market – Times of India
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NEW DELHI: The Centre on Friday imposed stock limits on pulses except for moong held by wholesalers, retailers, importers and millers till October 31, in its bid to check rising prices. This came barely days after the government lowered import duty on crude palm oil.
The consumer affairs said the need for the urgent policy decision was felt to “send the right signal” to the market. The order issued by the ministry on pulses said wholesalers can stock a maximum of 200 tonnes (except moong) and they can’t hold more than 100 tonnes of one variety of pulses. The retailers can stock a maximum of 5 tonnes.
In case of millers, the stock limit will be the last three months of production or 25% of annual installed capacity, whichever is higher. For importers, the stock limit will be the same as that of wholesalers for stocks held or imported prior to May 15, 2021. For pulses imported after May 15, stock limit applicable on wholesalers will apply after 45 days from date of customs clearance.
The ministry said if the stocks of entities exceed the prescribed limits, these have to be declared on the online portal of the consumer affairs department and have to be brought within the prescribed limit within 30 days of the notification of the order.
The government also said it is enhancing the buffer stock limit under Price Stabilization Fund (PSF) to 23 lakh tonnes in 2021-22. It has also entered into long-term MoUs with Myanmar, Malawi and Mozambique for import of tur and urad.
It said the a SoP for faster clearance of import consignments of pulses and edible oils has been prepared, as a result of which the dwell time for clearances of consignments has come down to 6.9 days from 10 to 11 days in case of pulses and 3.4 days in case of edible oils.
Earlier this week, the Central Board of Indirect Taxes and Customs (CBIC) had reduced the basic customs duty on crude palm oil to 10% from the earlier norm of 15% with effect from June 30. Similarly, the customs duty on other palm oils has been reduced from 45% to 37.5%
A sharp surge in edible oil prices in the past four months had put household budgets under tremendous pressure and added to the overall inflationary pressure in the economy.
The consumer affairs said the need for the urgent policy decision was felt to “send the right signal” to the market. The order issued by the ministry on pulses said wholesalers can stock a maximum of 200 tonnes (except moong) and they can’t hold more than 100 tonnes of one variety of pulses. The retailers can stock a maximum of 5 tonnes.
In case of millers, the stock limit will be the last three months of production or 25% of annual installed capacity, whichever is higher. For importers, the stock limit will be the same as that of wholesalers for stocks held or imported prior to May 15, 2021. For pulses imported after May 15, stock limit applicable on wholesalers will apply after 45 days from date of customs clearance.
The ministry said if the stocks of entities exceed the prescribed limits, these have to be declared on the online portal of the consumer affairs department and have to be brought within the prescribed limit within 30 days of the notification of the order.
The government also said it is enhancing the buffer stock limit under Price Stabilization Fund (PSF) to 23 lakh tonnes in 2021-22. It has also entered into long-term MoUs with Myanmar, Malawi and Mozambique for import of tur and urad.
It said the a SoP for faster clearance of import consignments of pulses and edible oils has been prepared, as a result of which the dwell time for clearances of consignments has come down to 6.9 days from 10 to 11 days in case of pulses and 3.4 days in case of edible oils.
Earlier this week, the Central Board of Indirect Taxes and Customs (CBIC) had reduced the basic customs duty on crude palm oil to 10% from the earlier norm of 15% with effect from June 30. Similarly, the customs duty on other palm oils has been reduced from 45% to 37.5%
A sharp surge in edible oil prices in the past four months had put household budgets under tremendous pressure and added to the overall inflationary pressure in the economy.
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