7.7 C
London
Monday, November 28, 2022

Government exempts wholesalers, major retailers from stock limit for edible oil, oilseeds

Must read

Jonathan Antoine- Wiki, age, wife, net worth, ethnicity, height

Jonathan Anthony is an English singer with a tenor voice who is very good thanks to his classical training. Many people were attracted...

The 28 best early Cyber ​​Monday 2022 deals under $50

With all the deals, discounts and promotions going around, it can be very tempting to spend a coin during Black Friday and Cyber ​​Monday....

The App Store’s Top Scanner app is over 80% off today only

Opinions expressed by londonbusinessblog.com contributors are their own. As hybrid and remote working become entrenched across the globe, entrepreneurs must prepare for the digital workplace....
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

New Delhi [India]Nov. 2 (ANI): In an effort to further make the edible oil supply chain seamless, the central government has exempted the current supply limit for wholesalers and large retail chains.



The order will be effective immediately, a Ministry of Consumer Affairs, Food and Public Distribution statement said late Tuesday evening.

Removing wholesalers and major retail chains from the stock limit order would allow them to keep different types and brands of edible oils, which they are currently unable to keep due to the limits imposed.

“There was a need to exempt large retail chains and wholesalers from the inventory control, as reports came that wholesalers and large retail chains were experiencing problems with their sales as a result of the audit order, as the limits specified for them were very low and shelf stock replacement in city limits is not possible on a daily basis,” the statement read.

In view of the recovery of sufficient stocks and the continued decline in edible oil prices, both in the international and domestic markets, the statement said it was an “opportune moment” for the exemption.

“The removal will also have a positive effect on oilseed prices as it will boost oilseed purchases, increasing the returns of domestic oilseed growing farmers,” it added.

Initially, the stock limits were imposed in October 2021. Subsequently, the stock limits for edible oils and oilseeds were extended until June 2022 and later the order was further extended until December 31, 2022.

“The Stock Limit Order was imposed in the country due to rising prices of edible oils, both in the international and domestic markets. Its high volatility at the time led to hoarding, profiteering and black marketing. This timely intervention by the government had led to a significant drop in skyrocketing prices and helped control hoarding, especially soybeans,” the statement said.

India is the world’s second largest consumer and largest importer of vegetable oil, meeting 60 percent of its needs through imports. (ANI)

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Jonathan Antoine- Wiki, age, wife, net worth, ethnicity, height

Jonathan Anthony is an English singer with a tenor voice who is very good thanks to his classical training. Many people were attracted...

The 28 best early Cyber ​​Monday 2022 deals under $50

With all the deals, discounts and promotions going around, it can be very tempting to spend a coin during Black Friday and Cyber ​​Monday....

The App Store’s Top Scanner app is over 80% off today only

Opinions expressed by londonbusinessblog.com contributors are their own. As hybrid and remote working become entrenched across the globe, entrepreneurs must prepare for the digital workplace....

Taryn Hatcher- Wiki, age, height, net worth, boyfriend, ethnicity

Taryn Hatcher is a well-known sportswriter in the United States. Hatcher is known for his work as a sports anchor for NBC News...