India: Rice traders must disclose stocks starting next Friday

Rice

India

Regulation & Compliances

Market & Price Trends

Published Feb 3, 2024

Tridge summary

Sanjeev Chopra, the Secretary Department of Food and Public in India, has called on rice retailers, wholesalers, and processors to reveal their stock holdings from next Friday to monitor the escalating rice prices, which have surged by an average of 14.5% year-on-year. To mitigate food grain prices, the government is providing subsidised Bharat Rice to three entities. Additionally, the export of non-Basmati white rice was banned in July, with some exceptions for other countries' food security needs, to maintain domestic prices and ensure food security.

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Original content

New Delhi [India], February 2 (ANI): Rice retailers, wholesalers and processors are asked that, beginning next Friday, they disclose their stock holdings, Sanjeev Chopra, Secretary Department of Food and Public, said. “To check the prices of rice retailers, wholesalers and processors are advised that the beginning next Friday, they should be disclosing their stock on our portal in various categories of the stocks that they’re holding, whether it’s basmati or non basmati or parboiled, are broken. If required govt will consider to fix stock stock limit for rice,” Sanjeev Chopra told reporters. Rice prices on average rose 14.5 percent year-on-year, and there were apprehensions that traders must be hoarding the commodity. “So hopefully that will send a signal to these unscrupulous elements who are holding stocks for no reason to release the stocks into the market,” the secretary said. Among other interventions to cool food grain prices, the secretary said subsidised Bharat Rice has ...

Source: Theprint