Cabinet extends stock limits of pulse, edible oil till September 2017

In order to control prices of essentials, including pulse and edible oil, the Union cabinet on Wednesday extended stock-holding limits on traders of pulse, edible oil and oilseeds by one year till September 30, 2017.

The move is expected to check hoarding, Food Minister Ram Vilas Paswan said.

A decision to extend the stock limits by one year was taken at the Cabinet meeting chaired by Prime Minister Narendra Modi, Finance Minister Arun Jaitley told reporters.

This step will ensure smooth supply of commodities as the states can act against hoarding effectively and smoothly, Food Ministry officials said.

Paswan also said that following the central government's move, the end consumers will benefit as it would help to control prices.

The state governments can now "issue control orders with the concurrence of the central government on importers, millers, wholesalers and retailers" as necessary, he said.

Stock-holding limits on traders of pulse, edible oil and oilseeds expires in September.

While the pulse prices in retail markets are still ruling high even as there has been a drop in the wholesale market, the country needs to import pulse and edible oil as the domestic production is lower than the growing demand.

--IANS

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