Business

Government warns against forward trading in pulses; increases imports from Myanmar

New Delhi, April 13 (IANS) – The Government has issued a warning to traders regarding forward trading of pulses, stating that those found engaging in such activities will face strict actions under the Essential Commodities Act. This message was conveyed during interactions held by Secretary, Department of Consumer Affairs, Nidhi Khare with pulses industry representatives ahead of the implementation of online stock monitoring from April 15, 2024.

As part of efforts to lower pulse prices in the domestic market, the government is increasing imports from Myanmar. Despite the overall decrease in food inflation, the prices of pulses remain high, with a 17.7% increase. The Department of Consumer Affairs is collecting industry feedback and market intelligence to verify stock positions of various market players.

Discussions with the Indian Mission in Yangon have taken place to address issues related to pulses imports from Myanmar, including import prices post the revised exchange rates and stocks held by importers in Myanmar. A Rupee Kyat Settlement Mechanism has been operationalized to simplify trade transactions and improve efficiency in trade processes.

The Central Bank of Myanmar has released guidelines for payment procedures under the Special Rupee Vostro Account (SRVA) to facilitate trade in goods and services. Traders are urged to adopt this mechanism to reduce costs associated with currency conversions and eliminate complexities related to exchange rates.

Importers and industry players have been instructed to declare their pulse stock, including imported Yellow Peas, on a weekly basis starting from April 15 through the portal https://fcainfoweb.nic.in/psp/. States and Union Territories are tasked with enforcing weekly stock disclosure by all entities and verifying the accuracy of information provided. Strict actions will be taken against entities reporting false data on the stock disclosure portal.

IANS

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