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Electronic Negotiable Warehouse Receipts (ENWR) are receiving positive response from agri- participants after two months of their launch, National e- Repository Limited (NERL) said today.
Warehouse receipts are made negotiable under the Warehouse (Development and Regulation) Act, 2007, and regulated by the Warehousing Development and Regulatory Authority. Warehouse receipts are issued in negotiable form, making them eligible as collateral for loans.
NERL, a subsidiary of agri-commodity bourse NCDEX, has issued e-warehousing receipts in Gujarat and Rajasthan for guar gum and sesame seed, the company said in a statement.
"Although it is a small beginning, it indicates the willingness of depositorsto accept goods in ENWR...," NERL CEO Kedar Deshpande said in a statement.
This will lead to encouragement of repository participants for opening their account in e-repository, therebyimproving the fiduciary of the depositors and the banks, he added.
NERL provides repository services for electronic negotiable warehouse receipts.