To curb the rising prices of pulses, the government has taken a big step and will have to provide this data to traders every week – News India Live – ..

Prices of pulses: The government has taken a big step to deal with the rising prices of pulses and increase its availability. Consumer Affairs Secretary Nidhi Khare reviewed the availability of pulses with pulses industry leaders to conduct online stock monitoring during April 15, 2024. He said action would be taken against anyone involved in pulses futures trading under Essential Commodities Act provisions. For validation, feedback from the industry and information about stock position received from various market players were collected.

Weekly stock report will have to be given from April 15

Importers and other traders like pulses manufacturer owners, stockists, retailers will have to submit information about available stock of pulses including imported yellow peas on weekly basis on portal from April 15. 2024..

Payment mechanism on imports from Myanmar

The government has made the payment system easy and convenient for traders importing pulses from Myanmar. The Ministry of Consumer Affairs issued a statement saying importers have been asked to use the Rupee/Kyat Direct Payment System through a special Rupee Vostro account through Punjab National Bank. To meet India’s domestic shortage, tuvar and urad dal in particular are imported from Myanmar.

The new mechanism will also be applicable to inter-border cross-border trade. Adoption of this mechanism by merchants will reduce costs related to currency conversion. Besides, challenges related to foreign exchange rates will also be removed.

All stockholding organizations including States and Union Territories have been asked to implement weekly stock disclosure and verification of stocks released by them. Instructed to conduct periodic verification of the stock available in warehouses located in top ports and pulses industry centers and take strict action against those giving wrong information.